Economy & News
Rail Budget 2016: Modi government to splurge on rail modernisation, to increase investment by over 30%
The
BJP government is seeking to step up its drive to modernise the
railways by increasing investment in creating new capacity and assets by
20-30 per cent in the rail budget, besides rationalizing freight
tariffs to win back goods traffic it has lost to trucks. During the
current financial year, railway minister Suresh Prabhu had allocated
around Rs 1 lakh crore towards plan outlay , but is expected to close
the year with spending of around Rs 90,000 crore. Higher allocation is
expected to continue [….] Read more at:
India's forex reserves rise $4.6 billion in last four weeks
India's
foreign exchange reserves rose $4.624 billion in the last four weeks
bringing much relief to the local authorities amid fear of global
economic slowdown and flight of capital from emerging countries to safer
destinations. Reserves rose $347 million in the week to February 12 to
$351.832 billion, Reserve Bank of India said in its weekly statistical
report. RBI does not cite any reason behind the rise or fall of
reserves. But market watchers said that the rise in valuation of
reserves [….] Read more at:
Cut govt stake in public sector banks to below 51% to fight NPAs, says Arundhati Bhattacharya
There
is no dearth of funding for any 'viable' project even as the government
is pushing for various projects such as 'sagar mala' for revival of
investments, said State Bank of India Chairman Arundhati Bhattacharya.
She also stressed on the need for a clear road map for recapitalisation
of banks, she said on Friday
at the ET Markets Pre-Budget Meet. Bhattacharya's demand comes amid
record classification of bad loans by banks due to a diktat from the
Reserve Bank of India, which wants to [….] Read more at:
Government banks to see rating revisions over bad loan woes: Icra
Facing
higher than anticipated bad loan stress, public sector banks (PSBs) are
likely to see some rating revisions in the next few days, Icra said
today. Credit profile of PSBs has worsened because of higher than
anticipated stress, slower than expected pace of recovery and weak
outlook for several credit intensive sectors. Higher level of stress is
likely to significantly impact earnings and solvency profile of PSBs
over the next 2-3 years, Icra said. Additionally, adverse capital
markets conditions [….] Read more at:
NDA govt has managed to markedly reduce inflation: Jayant Sinha
The
NDA government has succeeded in containing inflation and if the current
trend continues, the prices would be much lower than what they were
during the UPA regime, Minister of State for Finance Jayant Sinha said
today. "NDA government has markedly reduced inflation. At this rate,
price levels in 10 years
would be much lower than UPA tenure," Sinha tweeted. While the WPI
inflation has been in the negative for 15 months, the retail inflation
has remained within RBI's comfort zone at 5.69 [….] Read more at:
First phase of SmartCity Kochi project to be inaugurated on Saturday
The I st phase of SmartCity Kochi project, consisting of a 6.5 lakh square feet IT tower, would be inaugurated on Saturday.
About 75 % of the total leasable area of the IT tower has already been
taken by 27 companies, said Jaber Bin Hafez, vice chairman, SmartCity
Kochi. Earlier speaking to ET, Dr Baju George, managing director,
SmartCity said that the project, a joint venture between Government of
Kerala and Dubai-based Tecom Investments, will focus on identifying and
developing high end [….] Read more at:
Interest costs, low traffic growth bring down competition in NHAI's projects
As
interest costs and low traffic growth hurt roads companies, the
competition intensity has come down in projects awarded by National
Highway Authority of India (NHAI). Given this, roads companies have
shown high interest in construction orders rather than road developing
orders. One of the chief reasons for this is the nature of construction
works. Construction works are less capital intensive than roads
developing. Also after constructing works are done a company is paid by
clients whereas [….] Read more at:
India can use Australian expertise in water management, skills, services: Indian High Commissioner
India
and Australia need to work together in a host of areas, including water
management, skill development and minerals, an Indian official said.
"Clearly, Australia sees the Indian economic story. It has benefited
enormously from its 20 years engagement with China, but as Chinese
economy begins to slow, India is seen as a natural partner," Indian High
Commissioner to Australia Navdeep Suri told PTI. This is more relevant
particularly in the areas where Australia's strengths [….] Read more at:
NDA government gives more fiscal, legislative space to states: Ratan Watal, Finance secretary
The
NDA government has given more fiscal and legislative space to states
and is fully committed to the principle of cooperative federalism,
Finance Secretary Ratan Watal has said. "The present government is fully
committed to the principle of cooperative federalism both in the letter
and spirit," Watan said in an interview to Finance Ministry's YouTube
channel. "More untied grants are now being given to the states... The
focus of the present Government is unique in the sense as it [….] Read more at:
Government to restructure tribunals, autonomous organisations
In
a massive restructuring exercise, the Centre may bring down to less
than half the number of 36 existing tribunals and revamp over 680
organisations, including public sector undertakings under its control.
The move is based on recommendations of a Committee of Secretaries which
has Foreign Secretary S Jaishankar and Home Secretary Rajiv Mehrishi as
its members, official sources said. The committee has proposed
reduction of the number of tribunals from 36 to 17 and has [….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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