In September, India's steel production growth fell short of the world average with the country clocking 4.7 per cent growth compared to the world average of 6.1 per cent. The World Steel Association (WSA) said India's steel output grew to 6.54 million tonne (mt) in September from 6.24 mt during the same month last year.
In September, Indian shipping industry saw a slight rise with an increase in shipment volumes, driven by an increase in iron ore import by China and economic recovery in the US and Europe. Shipment volumes, across dry bulk, tanker and container carriers, have suffered in the last two years due to excess capacity and a fall in international trade.
Under the finance ministry's new announcement, the revenues of a project will be transferred to the trust, which will then issue units to investors. Shilpi Aggarwal says the government is seeking innovative financing solutions for infrastructure.
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.