The Union Finance Minister P Chidambaram has recently told the Parliament that his Ministry has taken several measures to ensure the Current Account Deficit (CAD) be fully and safely financed in the current year. If the CAD is contained at $70.0 billion, it will amount to 3.7 per cent of GDP (as against 4.8 per cent in 2012-13), Chidambaram said.
Category: ECONOMY & POLICY
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Rupee weakness puts upward pressure on interest rates
Interest rate in India is rising on the back of the steep decline in the value of rupee against the dollar in recent months. Experts feel that the depreciating rupee raises domestic interest rate through three ways. First, in order to discourage speculation in the currency market, Reserve Bank of India (RBI) tightens liquidity and raises shor
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Cabinet may consider approval for large projects
Union cabinet may consider approval for several large-sized infrastructure projects, costing at least Rs 1,000 crore, to ensure expeditious clearances. Union finance ministry is learnt to have sought specific comments from the concerned ministries on pending approvals
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Centre receives proposals for monorail projects
The Tamil Nadu government sent a proposal to the central government for a Chennai City mono rail project. The state government decided to implement Phase 1 of the Chennai Monorail Project of a total length of 57.09 km
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Supreme Infra bags Rs 1,111 cr orders
Supreme Infrastructure India has bagged orders worth Rs 1,111.90 crore. In West India, in Mumbai, Supreme Infra has secured Rs 150 crore contract for a Sewage Treatment Plant at Bhayendar and Rs 145.4 crore contract from MSEDCL in joint venture with Patwari Electricals.
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China takes initiative for fast-growth of cruise industry
With its new terminals, the government of China has taken initiative in the cruise industry. The country has big plans for more facilities and a luxury ship to bring more foreign tourists ashore and capitalise on domestic travellers wanting to sail the high seas, say news agency reports. The China government, the local authorities, need to support the cruise lines in exercising international practice here, said Liu Zinan, the Chairman in Shanghai of Florida-based cruise operator Royal Caribbean
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HC asks govt to appoint experts to monitor hydel projects
The High Court of Himachal Pradesh has asked the State government to ensure appointment of expert professionals to supervise and monitor hydel projects for protection of fragile ecology of the state. Whie granting permission to the companies concerned, the government should impose a condition of appointing the professionals to monitor construction of hydel projects during their construcitn, the bench said.
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PWD to maintain Murikkumpadaom-Belbo University Raod
In Kerala, the State government's Public Works Department has been entrusted the maintenance of
Murikkumpadaom-Belbo University Raod at Elamkunnapuzha, near Kochi. The State government took the decision by taking the failure of the local authorities to maintain the road. Even the State Human Rights Commission had complained in this regard. The PWD has estimated the cost of restoration of the road at Rs 1 crore.
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Despite spending 3K cr Blore bears the brunt of patholes
Bangalore, the IT city of India, is bearing the brunt of potholes. While road contractors, supposed to render quality road repairs, blame corruption in the government for their substandard pothole filling, the Bruhat Bangalore Mahanagara Palike (BBMP) passes the buck by citing incessant rains as cause for the potholes. Every year, the BBMP is said to be spending Rs 3,000 to 4,000 crore on the road repairs, but residents in the city complain that the potholes are being filled but they do not stan
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New industrial policy to Assam by October
A new industrial policy is in the offing to enhance the economic development of Assam, said the State Chief Minister Tarun Gogoi on August 15 The CM announced this while hoisting the national flag at the Independence Day ceremony in Guwahati. The policy is to be implemented from October, he added.