For the week ended July 19, India's foreign exchange reserves stood at $279.20 billion, down $0.985 billion, data from Reserve Bank of India (RBI) shows. In the previous reporting week, the total reserves rose $21 million to $280.19 billion. Foreign currency assets, a major component of the forex reserves declined $999 millio
Author: admin (Infratructure Today)
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Analysts comment on RBI’s CRR measure
Some market analysts feel that the recent step by Reserve Bank of India to hike daily average CRR requirement of banks is akin to a CRR hike. It may be recalled that recently the central bank mandated banks to maintain higher average CRR (cash reserve ratio) of 99 per cent of the requirement on daily basis as against the earlier 70 per cent. CRR is portion of de
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Foundation stone for Rs 33 bn worth projects laid in UP
Uttar Pradesh Chief Minister Akhilesh Yadav laid foundation stone for infrastructural projects worth over Rs 3,300 crore. These include Rs 2,200 crore roads and bridges projects, besides power transmission and distribution projects worth over Rs 1,100 crore. Speaking to reporters after laying foundation, Yadav promised that his government would go full throttle in
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Steering group finalises deadline for infra projects
A meeting of the Steering Group appointed by the Prime Minister to accelerate Infrastructure Investment in its first meeting has finalized deadlines with time lines for the intermediate steps for key infrastructure projects. The progress on the intermediate steps will be monitored on a regular basis. The deadlines will ensure that Ministries or Departments are clear about not just the over
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Steel sector not to be hit by cancellation of projects
The decision of global steelmakers ArcelorMittal and Posco to scrap their India projects will not upset the demand supply equilibrium in the country in the short to medium term, according to some top domestic steelmakers. With economic growth in India slowing, the consumption of the alloy, a key input for industries such as infrastructure, automobiles and consumer goods, is exp
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Steel production rises marginally by 0.9% in June
In June 2013, steel output in India rose a mere 0.9 percent to 6.45 million tonne (mn t) from 6.39 mn t in the year-ago month. It is learnt that during the month, India's rate of growth in steel production declined below the world average. Data from World Steel Association (WSA) shows global steel output touched 132 million tonne in June 2013, a 1.9
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Moily says gas price hike key for tapping new reserves
Union Minister for Petroleum and Natural Gas Marpadi Veerappa Moily has said that due to the increase in gas price, new hydrocarbon blocks in Tripura and Cauvery basin will become commercially viable. Even the Directorate General of Hydrocarbons has said that a price of more than $4.2 per million British thermal unit (mBtu) was required to make some of the gas discoveries commercially viable. These reserves are currently lying untapped due to the current gas price of $4.20 per million British th
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NPCI disburses Rs 120 cr to LPG consumers via Aadhaar
About Rs 120 crore has been disbursed as subsidy to LPG customers in the country through the Aadhaar payment bridge facilitated by NPCI from June 1 to July 24, said Vijay S. Madan, Director General and Mission Director, Unique Identification Authority of India. Speaking at ĆāFinancial Inclusion Conclave 2013Ćā sponsored by Dun & Bradstreet and Canara Bank in Bangalore, Madan said that so far, there were 30 lakh transactions in 19 districts across the country, of which 15 lakh beneficiaries got mon
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Govt cancels Punj Lloyds contract for constructing RGIPT
The Union Oil Ministry has terminated Punj Lloyd's contract for constructing Rajiv Gandhi Institute of Petroleum Technology (RGIPT) in Rahul Gandhi's parliamentary constituency, citing non-performance and re-tendered the Rs 435-crore project. The ministry wants to scale down the project to expeditiously complete it before the general elections scheduled next year.
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India needs fuel saving standards for transport: CSE
India is the only major vehicle producing country in the world without fuel saving standards for cars, said a report from the Centre for Science and Environment (CSE). More than 40 per cent of the oil and oil products in the country go into running vehicles. In fact, if this guzzling continues unabated, it can virtually wipe out the gains of fuel savings from all other steps, and undermine all efforts at reducing climate change risks, said Sunita Narain, CSE Director General.