Reports indicate that the Finance Ministry allowed sovereign wealth funds to invest in debt instruments floated by state-run companies. It may be noted that the government allowed 13 state-run firms to raise around Rs 48,000 crore by selling tax-free bonds in 2013-14
Tag: India
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Banks Wary of Lending to NBFC Sector
In the 12 months to June 2013, growth of bank lending to non-banking finance companies (NBFCs) declined to 1.9 per cent compared to 44 per cent in the year-ago period. Banks are said to be wary of lending to NBFCs following stricter guidelines issued by Reserve Bank of India (RBI).
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Ficci sees $906 bn Investment
Indian construction industry is expected to see investments of over $906 billion this Plan period, according to the Federation of Indian Chambers of Commerce and Industry (Ficci) Deputy Director Jasmeet Singh
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ADB Lends $300 m for Highway Project in Bihar
The Asian Development Bank (ADB) and the Central Government signed an agreement for $300 million in additional loan to upgrade 254 km of severely deteriorated highways in northern and southern Bihar.
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Srei Hikes Lending Rate
Considering the rise in the cost of funds for the infrastructure sector, Srei Infrastructure Finance raised benchmark lending rate by 50 basis points. Thus, the new benchmark rate stands at 18 per cent per annum effective from September 1, 2013 compared to the earlier rate of 17.50 per cent.
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IFC Mulls new Bank Licence
The private sector investment arm of World Bank, International Finance Corporation (IFC) is looking out to partner with aspirants for new bank licences, as it increases its investment in India to $2 billion this year.
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Economic Growth Recovery Later in FY14
In its Annual Report 2012-13, Reserve Bank of India (RBI) said the economic growth may recover later in 2013-14 if government delivers better administration, eases supply constraints and maintain stability.
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Nabard Fund for Gujarat Agri-Infra
Under its Rural Infrastructure Development Fund-XIX (RIDF-XIX), the National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 175.74 crore to Gujarat.
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Free Zone Lures Indian Investors
As Middle Eastern ports vie for Indian transhipment trade, UAE-based Ajman Free Zone (AFZ) has recently expanded its footprint into India in alliance with AFZA International Pvt Ltd. Free Zones in the UAE and the neighbouring region have been luring Indian companies to establish trade hubs in their tax-free economic zones attached to ports.
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Port Modernisation
The Union Government has taken up modernisation and expansion of 43 port projects at a cost of Rs 12,000 crore to add about 220 million tonne capacity to the ports. The capacity of all major ports was 744.91 million tonne per annum as on
31 March 2013.