The Finance Ministry may come to the rescue of India´s ailing airline industry. Noting that airlines are among the biggest loss-making entities in aviation sector here, Minister of State for Finance Jayant Sinha will have a meeting with all carriers to discuss their woes.
Tag: finance ministry
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FinMin to compile list of projects for foreign governments
The finance ministry will compile a list of projects that can be offered to foreign governments that have pledged billions of dollars in investment. This could be the Narendra Modi government´s version of the project monitoring group set up by its predecessor to get stalled infrastructure development moving again.
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Railways to seek Rs.1 lakh cr for safety fund
The Railways Ministry will seek around Rs 1 lakh crore from the finance ministry for a special railway safety fund. This will be used to implement several measures aimed at sprucing up safety performance and checking the spate of recent train accidents which have claimed several lives.
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Rs.1.71 lakh crore for projects
In a meeting with the Finance Ministry recently, some 27 state-owned banks have agreed to extend credit of around Rs 1.71 lakh crore to non-conventional energy projects over the next five years.
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Govt okays Rs.5,085 crore in oil subsidy
The government has sanctioned Rs 5,085 crore in oil subsidy for the December quarter, less than one-third of the revenue lost on LPG and kerosene sales. A total of Rs 15,981 crore in revenue was lost by fuel retailers on selling public distribution systems (PDS) kerosene and domestic LPG at government-controlled rates in October-December.
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Private power firms may shift to regulated tariff
The government is considering giving a one-time option to private power companies to shift to regulated electricity tariff from tariff discovered through competitive bidding.
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FinMin rejects Cochin Port demand for interest waiver
The Finance Ministry and the Planning Commission have rejected the Union Shipping Ministry´s proposal to waive Rs 715 crore of penal interest due from Cochin Port Trust (CPT) on a Rs 258-crore loan.Of the total penal amount of Rs 729 crore, the government could have forgone Rs 715 crore.
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Solar panel costs will be part of home loans
According to a plan being prepared by the Ministry of New and Renewable Energy, lending agencies would offer home loans with the provision of additional sanction of payment if customers want to install rooftop solar power panels.
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Finmin move to make spectrum a tangible asset
The finance ministry is preparing a draft note on making spectrum a tangible asset so that the airwaves can be considered as collateral by financial institutions for lending to telecom companies.
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Shipping Ministry to seek VGF
The Shipping Ministry will seek support from the Finance Ministry for covering the funding gap for two major ports proposed in West Bengal and Andhra Pradesh. A Cabinet note on the subject is being prepared, he said. The government has finalised Sagar and Dugarajapatnam as the two sites for setting up of the ports.