The Indian economy may grow 0.40 percentage points lower at 5.4-5.6 per cent during 2013-14 compared to the earlier forecast, ratings agency Icra said. The agency revised down the economic growth estimate citing weak economic environment and rupee
Category: ECONOMY & POLICY
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Minister hopes 6% GDP growth in FY14
Finance Minister P Chidambaram expressed hope that the Indian economy may expand at 6 per cent or slightly more during 2013-14. This is higher than the 5 percent growth registered in 2012-13. Speaking to reporters, the minister also expressed hope that the Parliament would pass the real estate regulator and land acquisition bills in its monsoon session
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UP govt permits mixed land use in residential colonies
Commercial use of properties in residential areas is going to be allowed by the Uttar Pradesh government. The government, till now, was not allowing the use of residential areas for commercial use under the housing and urban planning act. The new provision is proposed in the new housing policy which the State government is set to put in place.
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Punj Lloyd to convert part of rupee loan into dollar
In order to align its business operation, engineering major Punj Lloyd plans to convert part of its rupee debt into dollar debt. Profitability of the firm took a hit because of the mismatch between the interest payment on debt (which is mostly in rupees) and revenue (which is mostly in dollar). While the company derives 65-70 per cent of its business from abroad, its 65-70 per cent of debt is in rupe
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Tata firms in West Bengal to expand
In West Bengal, Tata Group is on an expansion mode after the Singur debacle. Tata Group Chairman Cyrus Mistry could be right in saying the Tatas have never left West Bengal. The group's major investments in Bengal are from Tata Metaliks, Tata Consultancy Services (TCS), Indian Hotels and Tata Hitachi. At the moment, TCS, Indian Hotels and Tata Hitachi are in an expansion mode, sources said.
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Gujarat govt to announce slum rehab policy
Gujarat government has reportedly prepared the slum rehabilitation policy and may announce it at any time, reports indicate. It may be recalled that the state Chief Minister Narendra Modi pl
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Essar Projects to offer more services
Media reports indicate that the Ruias controlled Essar Projects wants to diversify its operation beyond the basic engineering, procurement and construction (EPC) services it offers to clients. As part of this strategy, the company acquires a small stake in the projects that it executes for its global client
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CCI clears projects worth over $27 bn since January
According to government data, the Cabinet Committee on Investments (CCI), which is headed by Prime Minister Manmohan Singh, helped clear projects worth investments of over $27 billion since it was set up in January. Some observers want the CCI to focus on all the projects instead of focusing on only selected projects. In an interview to a leading media, Naina Lal Kidwai, President of FICCI said the committee must shed its curre
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Jet-Etihad deal: Govt insists Jet to adhere to all rules
The Union government will insist that the Jet Airways promises to adhere to all Indian laws, rules and regulations, if it wants approval for selling its 24 per cent stake to Etihad. The insistence from the government comes as it fears that Jet Airways may shift key operations to Abu Dhabi. The government was specifically seeking this assurance as the Jet-Etihad investment proposal says the operations and 'revenue headquarters' of India's largest private airline will be shifted to Abu Dhabi and
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Minister clears several infra projects for Jalandhar
Punjab Deputy Chief Minister Sukhbir Singh Badal
approved several road infrastructure and other development projects including food court 3G fish aquarium, redevelopment of Nehru Garden, Integrated Housing Slum Development Program in Jalandhar. The minister recently explained various civic amenities projects being implemented in Jalandhar, which is the third largest