The Union government will pay Rs 25,000 crore additional cash subsidy to the government-owned fuel retailers to cover for the revenue they lost on selling auto and cooking fuel below cost this fiscal. The Finance Ministry has so far provided Rs 55,000 crore to Indian Oil Corporation (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) to cover for part of the revenue they lost on selling diesel, domestic LPG and kerosene at government controlled rates which are below the cost.
Category: Infrastructure Finance
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Goa govt prepares draft investment policy
Goa government prepared a draft investment-cum-industrial polic, which laid a special thrust on development of Special Investment Regions (SIRs). The SIRs will attract large investments, economies of scale and world class infrastructure arrangements. SIRs involves special areas demarcated for development with their own industrial, social and urban infras
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RBI Governor supports moving towards panel structure
Reserve Bank of India Governor Duvvuri Subbarao said India must move towards a monetary policy committee structure. Subbarao said this in reply to a question following a speech at the Bank of Mauritius, which has such a committee in place. The governor said RBI must have more independence in order to have a monetary policy committee
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Asset quality of banks may remain weak in FY14
According to rating agency Standard & Poor's (S&P), asset quality of Indian banks may remain weak in 2013-14 and improve only in 2014-15. In a recent report, the agency said the quality of earnings would be stressed and bad loans may rise to 4.4 percent before falling. Therefore, S&P sees 2013-14 to be a challenging year for the banking sector. RoAs are expected to improve by 1 pe
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Proposed programme may attract Rs 7.7 bn investment
The proposed Tamil Nadu Investment Promotion Programme would encourage investment flow of around Rs 770 crore in small and medium infrastructure projects over the next three years. The state Finance Minister O Panneerselvam informed this in the State Assembly recently. The state government proposes to establish the programme with assis
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Centre allocates funds for Metro rail projects
The Union Minister of State for Urban Development Deepa Dasmunshi has stated on March 21 that the provision of Rs 5,897.57 crore and Rs. 6,450.75 crore were proposed in the Union Budget 2012-13 and 2013-14 respectively as Central Government's assistance for metro rail projects.
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‘RBI policy does not meet real estate sector expectations’
Confederation of Real Eastate Developers' Association of India (CREDAI) has expressed disappointment over the Reserve Bank of India's (RBIÂ’s) decision to cut repo rate by 'just' 25 basis points. It said that the Central bank appears to be missing opportunities time and again.
Lalit Kumar Jain, National President of CREDAI said that the builders body has over 10,000 members across 20 cities pan-India.
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Sadbhav wins 4-laning work of Rohtak-Hissar NH stretch
Sadbhav Engineering has been declared the successful bidder for four-laning of Rohtak to Hissar Section of NH-10 from km 87 to km 170. The National Highways Authority of India (Ministry of Road Transport and Highways) had invited the bid for the road widening project.
The road project is to be executed as BOT (toll) project on DBFOT pattern under NHDP Phase III in Haryana. The length of the road project is 98.810 Km).
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Consortium may lend Rs 7 bn to Dighi Port
A consortium of banks led by Bank of India would reportedly lend Rs 700 crore for the infrastructure project proposed to be carried out by Vijay Kalantri-promoted Dighi Port. The project, which is estimated to cost Rs 1,000 crore, includes setting up a new berth and road and rail infrastructure at the port. The remaining cost would be met by the promoters, reports indicate
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Minister may hold meeting with PSUs to review investment
Between March 22 and April 22 Finance Minister P Chidambaram may hold a meeting with heads of public sector undertakings (PSUs) to review their capital expenditure plan, reports suggest. During the meeting, the minister may discuss capital expenditure plans of PSUs for the coming financial year and also to prod the private sector to invest more