For its proposed Global Infrastructure Facility (GIF) that will finance core projects in emerging economies like India, the World Bank is expected to finalise the GIF's shape by next April, says an official in India's Finance Ministry.
Tag: finance ministry
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Govt shelves plan to infuse Rs 14K cr into State-run banks
The Union government is to wait for some more time to infuse Rs 14,000 crore into State-run banks, at least till the next quarter. The Union Finance Ministry has deferred the as it wants to assess the banks' needs after the second quarter results before pumping the cash to shore up their capital adequacy ratio (CAR).
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DoT to seek tax sops for telecom infra sector
The Department of Telecom (DoT) is planning to seek a tax holiday for 10 years without a sunset clause from the Finance Ministry and make viability gap funding available for the telecom infrastructure sector, according to reports.
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Cabinet for large project approvals
Union cabinet may consider approval for several largeĆĀ”-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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OMCs to get Rs 25K cr additional cash subsidy
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.
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Union cabinet to decide on land policy
A new land policy, that may clear land acquisition hurdle for existing and new infrastructure projects, would go to the union cabinet for approval. Land acquisition remains a major concern. Last year, a ban was imposed on the transfer of government land to other entities. If any department had to implement a project that required alienation of land (through lease, licence or rent), it had to seek the approval of the cabinet.
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Fin Min favours BOT model for road contracts
The Finance Ministry is not in favour of using state grants to develop 20,000 km of roads in the 12th Five-Year Plan. The Ministry wants the road department to contract projects on build-operate-transfer (BOT) basis.
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Power Min seeks scrapping of import duty on coal
In order to tackle the coal price surge, the Power Ministry is pushing for abolition of Customs duty on imported coal. The Ministry is trying to garner the support of the Planning Commission on the issue, which is expected to be countered by the Finance Ministry in light of the revenue implications.
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FM relaxes lending norms
The Finance Ministry has relaxed the lending norms for the warehousing sector in a bid to meet the growing demand for storage capacity.
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Fin Min clarifies infra definition
Infrastructure will soon have a wider and uniform definition that will encompass some aspects of education and health as well, ensuring asset creation across a number of sectors by making them eligible for various incentives. A panel of secretaries of various ministries is expected to clear the finance ministry's proposal.