Taking note of Finance Minister P ChidambaramÂ’s suggestion, chiefs of public sector banks (PSBs) and State-owned financial institutions on March 18, banks have begun the process of region-wise stock-taking of new and stalled infrastructure projects. The first meeting of bankers, organised by Canara Bank, was held in Bangalore last week.
Category: ECONOMY & POLICY
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Firms make 118 discoveries in 39 NELP blocks
The Minister of Petroleum & Natural Gas M Veerappa Moily informed Lok Sabha that so far, a total of 118 discoveries (45 oil and 73 gas) have been made in 39 New Exploration Licensing Policy (NELP) blocks. This resulted in establishment of In-Place oil volume of 39.76 million metric tonne (mn t) and gas volume of 705.36 billion cubic meter (BCM) respectively. He added that a total of 360 exploration blocks were offered unde
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DDA approves land pooling policy
The Delhi Development Authority (DDA) cleared land pooling policy in order to give fillip to the residential projects in the city. The policy is expected to address housing problems, particularly for the economically weaker sections. Before notifying the policy, the authority would invite suggestions and objections. Presently, DDA acquires land directly from farmers or land holders. Lack of ad
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Maritime board revokes nod for Rs 20 bn project
Media reports indicate that Tamil Nadu Maritime Board revoked the approval given to Goodearth Shipbuilding for its proposed Rs 2,000 crore shipyard and captive port project at Silambimangalam in Cuddalore district. The board also cancelled the relevant agreements entered into with the company to develop a captive shipyard within Silambimangalam shipyard port limits in Cud
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Petitioners to move SC on Kundapur-Hejamady NH widening
In Karnataka, about 63 persons who will lose land to NH 66 widening project along Kundapur and Hejamady stretch are planning to move the Supreme Court before April 15 after HC quashed their petitions. They had sought in the State high court to give direction to restrict the width of NH66 to 45 metre as in the case of Dakshina Kannada district instead of the proposed 60 metre and NHAI to acquire land only to that extend.
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Karnataka starts two projects to popularise bio-fuel use
Karnataka Chief Minister Jagadish Shettar recently launched two projects — Hombelaku and Hongirana — to decentralise biofuel extraction units and to offer biofuel products under one roof. The projects have been initiated by the Karnataka State Biofuel Development Board.
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CCI may clear Rs 500 bn worth projects
Agency reports indicate that Cabinet Committee on Investment (CCI) may clear around Rs 50,000 crore worth projects by March 2014. In 2013-14, India would see many projects coming on stream. Department of Economic Affairs Secretary Arvind Mayaram is quoted as saying this by a leading news agency
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Work on eastern freight corridor project begins
Tata Projects started work construction work on the 337 km Bhaupur-Khurja stretch in UP, which forms part of the Rs 5,500 crore eastern dedicated rail freight corridor (EDRFC) project. The infrastructure arm of Tata Group expects to complete it by 2016 for trial runs. The commissioning would take place by
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Minister hopes economy may grow 6%
Finance minister P Chidambaram expressed confidence that the economy will grow at 6 percent in 2013-14. It may be recalled that the Central Statistical Organisation (CSO) expects the economy to expand at 5 percent in 2012-13. The minister said he would ask public sector companies to submit their annual investment plan for the nex
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Realtors doubt Orissa govt’s housing policy for poor
The Orissa government's plan to build one lakh affordable houses in 10 years has made developers skeptical. The 'scheme for affordable urban housing in Odisha-2012' annunciated recently stipulates developers to reserve 15 per cent built-up space for lower income group (LIG) and economically weaker sections (EWS) in residential projects of size exceeding 2,000 sq m.