In its annual report card, the UPA government said it completed 517 projects under JNNURM, including 231 projects under Urban Infrastructure Development Scheme for Small and Medium Towns (UIDSSMT). The government listed these projects under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and expansion of metro network in various cities as achievements during the year
Author: admin (Infratructure Today)
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Centre commences work on 6 greenfield airports
The Government of India has granted 'in principle' approval for setting up of 15 greenfield airports across the country out of which, physical work at 6 airports namely, Gulbarga, Hassan, Shimoga in Karnataka, Durgapur in West Bengal, Pakyong in Sikkim and Shirdi in Maharashtra, has already commenced, Union Minister of State for Civil Aviation, KC Venugopal told the Lok Sabha last week. Construction at various airports in the country including Aranmula airport project has not stopped, he added.
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RBI to increase forex reserves by buying dollar
Data released by Reserve Bank of India (RBI) shows the central bank bought $820 million dollar more than it sold in March, the first net purchase since 2010. This shows that RBI wants to increase its forex reserves by taking advantage of the rise in foreign fund flows in the equity and debt market in the country. A report by Bank of America Merrill Lynch estimates that the central bank has bought $1 billion since March and may buy an additional $8 billion through March
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PM’s secretary tells officials in TN to speed up road projects
A week before Prime Minister Manmohan Singh is scheduled to leave for Japan, his principal secretary TKA Nair was in Chennai on May 20 to hold discussions with State and Central government agencies to help speed up high-cost road and bridge projects, especially the Ennore-Manali road improvement project (EMRIP), by the end of the year.
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LIC Housing Finance to raise Rs 5 bn via bonds
Media reports on May 22 said that LIC Housing Finance is planning to raise Rs 5 billion ($90.44 million) in 5-year bonds at 8.34 per cent.
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Minister hints at more reforms in coming months
Expressing hope of a turnaround in the economy, Finance Minister P Chidambaram hinted that the government would unleash more reforms in the second half of the year. He said this while interacting with media persons on the sidelines of the performance report release function on the fourth anniversary of UPA-II
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RBI head asks states to focus on fiscal consolidation
Addressing a gathering of state finance secretaries Reserve Bank of India (RBI) Governor D Subbarao asked states to focus on the quality of fiscal consolidation and also on expenditure compression. He called for the need to explore ways for better cash management and adequate dissemination of information on state finances. Considering the rise in market borrowing of states, inflation risks and banks' excess investments in statutory liquidity ratio (SLR) securities, he said managing state gove
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Ministry to pay Rs 450 bn compensation to OMCs
Union finance ministry agreed to pay Rs 45,000 crore to state-run oil marketing companies (OMCs) for incurring losses on sale of diesel, kerosene and cooking gas at below market price. The Rs 45,000 crore is in addition to the Rs 55,000 crore already paid to the OMCs as compensation for under-recoveries. Thus, for the financial year 2012-13 as a whole, the government will pay Rs 100,000 crore to stat
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HUDCO’s Rs 7 bn bond issue gets to top rating
Care Ratings assigned AA rating to the five-year bonds to be issued by Housing and Urban Development Corp (HUDCO) for raising Rs 7 billion or around $127.03 million. The base size of the issue is Rs 1.5 billion, media reports suggest. HUDCO invited bids and set a ceiling of 8.15 per cent on the coupon
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Minister not satisfied with SAIL’s performance
Union steel Minister Beni Prasad Verma was not satisfied with the performance of Steel Authority of India (SAIL) on the whole and advised the company to take corrective measures immediately. Verma said this after reviewing the March 2013 quarter and the financial year 2012-13 performance of the firm. He expressed his concern on the progress of modernisation and expansion and directed the PSU to bring