In support of investments in the infrastructure sector, the Union government is mulling to set up an infrastructure trust fund by next November. The fund will be on the lines of fiscal funds set up by real estate investment trusts in Singapore and some other countries. In India, infrastructure sector has been struggling for the past few years due to lack of investments since banks have been wary of lending due to policy constraints.
Tag: Union government
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Kerala proposes to set up maritime board, earmarks Rs 20 cr
For setting up Kerala Maritime Board (KMB), the Kerala government has submitted a proposal to the Union government. The proposed Board is intended to initiate all port-related activities and maritime cargo businesses in the state. The proposed KMB will come up at Maradu in Kochi with an initial investment of Rs 20 crore and will look at all possible avenues for port-related activities.
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NGT asks govt if gas can be supplied to Assam tea units
The National Green Tribunal (NGT) on September 19 has asked the Union government, Oil and Natural Gas Corporation and Assam Gas Company to clarify it whether natural gas can be supplied to tea industries around Kaziranga which have been ordered to shut down for using wood and coal for their operations.
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Centre orders austerity measures to cut costs
A few austerity measures have been ordered by the Union government, which includes a ban on holding meetings of the government departments at five star hotels and creation of new posts in Central government departments, at a time when government revenue growth has slowed down.
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Report ready on Amritsar-Delhi-Kolkata Industrial Corridor
The Inter Ministerial Group (IMG) in the Union government has completed its preparatory work for setting up a Amritsar-Delhi-Kolkata Corridor (ADKIC) and submitted its report to the government.
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Haryana gets green signal for major road projects
The Union government has okayed major road projects in Haryana including a six-lane flyover along the national highway-8, construction of flyover at Bahalgarh Chowk and widening of a bridge near Rasoi village in Sonepat district, said the State Chief Minister Bhupinder Singh Hooda on September 18.
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Govt to set up panel to track progress of e’way projects
To track progress of expressway projects, the Union government is to set up a monitoring committee. The move follows when the government found lacking in multiple aspects of three road projects, which were put on fast track by the National Highways Authority of India (NHAI). The Prime Minister's Office had taken note of this and decided to set up the panel.
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Govt mulls rescue plan for highway-project defaulters
The Union government, upset by several jammed highway projects, plans to re-negotiate contracts worth Rs 99,000 crore with some of the private developers to give them payment concessions, instead of imposing penalties. The government's grand rescue plan, billed as a one-time measure, is in the final stages of approval and involves 23 concessionaires (the private parties) and a total project cost of Rs 34,000 crore ($5.2 billion).
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Govt asks its oil firms to fund acquisitions with foreign debt
To reduce pressure on the current account deficit (CAD), the Union government has asked the State-owned power firms to utilise foreign debts to fund their foreign acquisitions completely. Instead of using their own cash reserves, the State power fims should utilise foreign debts or domestic loans to acquire foreign firms, so that they don't deplete India's foreign exchange reserves and put more pressure on the current account deficit.
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Govt plans to cut road toll to developers if project is delayed
Road developers who are collecting toll from impending road projects without completing them will be barred to collect such toll by the Union government soon. The government will prevent such road developers from collecting toll if they fail to complete the expansion work within the given period, say media reports.