At a meeting of the cabinet headed by Punjab Chief Minister Parkash Singh Badal, it was decided to clear the policy for Compounding or Regularization of Unauthorized Colonies or Buildings. The cabinet decided to approve the policy under the Punjab Laws (Special Provisions) Act-2013. The move would enable the government to provide basic civic amenities to about 5,000 colonies and 2 lakh indivi
Category: ECONOMY & POLICY
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WPI inflation falls to 42-month low of 4.7%
Inflation as measured by the Wholesale Price Index (WPI) declined to a 42-month low of 4.7 per cent in May 2013 from 4.89 per cent in the previous month and 7.55 per cent in May 2012. The decline in the prices of manufactured items helped inflation to ease in May even as the price level of food articles rose. The prices of manufactured items declin
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Fitch upgrades India’s rating outlook
Global ratings agency Fitch Ratings upgraded the outlook on India's sovereign rating to "stable" from "negative" noting the government's steps to reduce fiscal deficit. The rating agency said the Indian authorities have been successful in containing the upward pressure on the Union Budget deficit in the face of a weaker-than-expected economy
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DFCCI awards Rs 67 bn corridor project to L&T consortium
Dedicated Freight Corridor Corporation of India (DFCCI) awarded a Rs 6,700 crore contract, the single largest rail contract so far in the country, to a consortium of L&T and Sojitz, a Japanese infrastructure major. The consortium is said to have received the letter of award for the project. According to the terms of the contract, the consortium is responsible for laying an 643 km of rail track between Rewari in Haryana and Palanpur in Guja
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Rupee falls to all-time low against dollar
The Indian rupee depreciated against the greenback to touch an all-time low of 58.15 per dollar in a recent trading session because of the perceived recovery in the US economy. The perceived recovery of the US economy caused fear that the US Federal Reserve may taper off its quantitative easing programme and this led to the rally of US dollar against many
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DP World offers incentives to woo Blore trade to Kochi
Terminal operator DP World has announced concessions to the traders from Bangalore to attract more rail volumes. The company has come out with an incentive of Rs 1,500 for 20 ft containers and Rs 3,000 for 40 ft containers to all customers using the rail service for Exim-laden containers from Inland Container Depot (ICD), Whitefield, operated by Container Corporation of India.
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Integrated townships find favour with developers
Analysts from the real estate sector feel that developers are showing interest in integrated township projects in Pune, outside Mumbai and in the national capital region (NCR). In recent months, several township projects have been launched in these areas, analysts said. For example, Gaursons India bought 300 acre along the
Yamuna Expressway in Uttar Pradesh for Rs 1,500 crore from
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Govt forms group to monitor stalled projects
Rajiv Takru, Secretary, Financial Services department of the union finance ministry informed that the government formed a special group headed by an officer in the Cabinet Secretariat to monitor each of the stalled projects. He exuded confidence that the economy will recover from the current slowdown in the next three-six months. Owing to reasons like administrative delays, lack of environment clearances, 215 projects are stalled at vario
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EXIM bank okays loan for 3 Nepal hydel projects
Export-Import Bank of India (EXIM Bank of India) has approved a soft loan support to Nepal for the development of three hydro projects. The loan worth is $155 million. The Bank approved projects are: Rahughat Hydropower Project, Koshi Corridor Transmission Line Project and Solu Corridor Transmission Line Project. Nepal's Ministry of Finance (MoF) received a formal letter from the bank on June 3.
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Aban Offshore to raise Rs 4,500 cr to repay debt
Offshore drilling and oil field service provider Aban Offshore is planning to raise more than Rs 4,500 crore through various market instruments to replace a portion of its expensive debt. Aban Offshore has a total debt of more than Rs 13,000 crore and has been struggling to repay its debt. The Reji Abraham-promoted company is now looking to raise Rs 2,200 crore through issue of FCCBs and GDRs and is also looking to raise an additional 2,500 crore through issue of shares to qualified institutiona