|
Govt
frees fertiliser pricing Rs 800
cr for aviation firm
Food inflation inches up
|
|
Suzlon bags wind energy project from L&T
Punjab’s credit flow growth dips
DefExpo
S Tel offers new ISD pack
|
Govt frees fertiliser pricing
New Delhi, February 18 The decisions, a part of new nutrient-based subsidy (NBS) scheme, was approved by the Cabinet today and will be effective from April 1. The partial easing of control on prices of non-urea fertilisers is the first step by the government towards controlling its spiralling subsidy bill. At present, the maximum retail price (MRP) of urea is Rs 483 a quintal, while DAP costs Rs 935 a quintal and MOP Rs 445.50 a quintal. Under the NBS, subsidy will be given to nutrients (nitrogen, phosphorus, potash and sulphur) contained in the fertiliser, doing away with the MRP. Expectedly, farmers are crying foul over this free-float for non-urea fertilisers, saying that their input costs will increase and the only beneficiary will be private fertiliser companies. The government, however, says the NBS regime will promote balanced fertilisation of the soil and consequently increase agriculture productivity through higher usage of secondary and micro-nutrients. It says that the NBS regime will depict actual demand of fertilisers in the country and promote realistic pricing of fertiliser products in the international market. The “unshackling of fertiliser industry” is also expected to attract fresh investments in this sector, stated to be highly stressed. Since farmers will require a certificate for nutrient content in the soil to avail the subsidy, BKU leader Balbir Singh Rajwal, says the move will only increase corruption in state agriculture departments. In addition to the fixed subsidy on nutrients, there will be an additional per tonne subsidy for subsidised fertiliser carrying other secondary nutrients and micro nutrients in formulations approved under FCO, 1985. Provision of additional subsidy for fortified and supplemented fertiliser will encourage production and application of fertilisers carrying secondary and micro-nutrients, the Centre says. The government will continue to fix the MRP of urea, which has the maximum tonnage consumed nitrogenous fertilisers in the country. The implementation and distribution of the fertiliser will continue to be monitored through the online web based “Fertiliser Monitoring System (FMS). Since subsidy on subsidised nutrients and consequently subsidised fertilisers will remain fixed, retail prices of subsidised fertilisers at farm gate level will be decided by companies.
|
|
Rs 800 cr for aviation firm
New Delhi, February 18 The long-pending decision was taken at the meeting of the Cabinet Committee on Economic Affairs (CCEA), presided over by Prime Minister Manmohan Singh, here today. "The equity infusion had been approved by the group of ministers headed by Finance Minister Pranab Mukherjee. The release of funds will be calibrated to achieving the milestones laid down by the ministerial group," an official spokesperson said. The company's present paid-up equity capital is Rs 145 crore, which has been found to be grossly insufficient for an aviation company of its size. The fresh equity will also preclude borrowing from the markets at a high cost, officials said. The airline had posted a loss of Rs 7,200 crore in the last two fiscal years. The induction of fresh equity was approved only after it adopted a turnaround plan. The carrier has also been asked to take certain steps, which include rationalising manpower and productivity-linked incentives, fully integration of the erstwhile Indian Airlines with Air-India and review of all agreements on technical and operational matters. The other steps which NACIL has been asked to take are return of all leased aircraft at the earliest, re-deployment of staff to curb infructuous expenditure and closure of all overseas offices where Air-India does not operate. The aircraft rationalisation plan calls for a reduction in the carrier's fleet size from 146 planes to 105 by March, 2011. Twentytwo aircraft are being removed from the fleet by way of sale, leasing out and return of leased aircraft. In another decision the CCEA also permitted ONGC and GAIL to pick 12.5 per cent stake in a pipeline that China is building in Myanmar and allowed these to invest another $1billion in fields that will provide gas to be shipped to China through the pipeline. It allowed ONGC Videsh Ltd to invest $167.84 million in taking 8.35 per cent stake in the pipeline. GAIL will invest $83.88 million for taking 4.17 per cent stake in the pipeline being constructed by China National Petroleum Corp (CNPC) to transport gas found in block A-1 and A-3 off the Myanmar coast, an official spokesperson said. |
|
New Delhi, February 18 The annual rise in the index for food articles was 17.94 per cent for the week before, as per official data released by the Commerce and Industry Ministry today. Prices of essential items continued to move up, with vegetables dearer by 19.56 per cent, potatoes by 38.02 per cent, pulses by 38.04 per cent and fruits by 10.39 per cent over the 52-week period. The limited data on wholesale price index further showed a sharp rise in the index for primary articles by 16.23 per cent, while that for fuels was up 9.89 per cent. The annual rate of inflation, based on the wholesale prices index, had risen to 8.56 per cent in January from 7.31 per cent in the previous month, primarily due to galloping food prices. — IANS
Inflation to ease by March-end: RBI
Patna: The Reserve Bank today said it would stick to its projection of inflation standing at 8.5 per cent by the end of the current fiscal, even as the rate of price rise has already breached the central bank's target.
"Monitoring inflation is a continuous process. We still stand by that inflation will be at 8.5 per cent, as projected, by March, 2010," RBI Governor D Subbarao told reporters while replying to a question on the rising inflation rates. Subbarao's statement implies that inflation would now ease as it stood at 8.56 per cent in January. He, however, said it was difficult to predict a precise road map now "but we expect that inflation will moderate by July, 2010."
— PTI |
|
Suzlon bags wind energy project from L&T
Mumbai, February 18 The company has bagged an order from L&T Infrastructure Development Projects Ltd, a subsidiary of L&T, to operate and maintain a 8.7 MW wind energy project, Suzlon said in a filing to the Bombay Stock Exchange. The project is likely to be completed by March 30, 2010, the filing added. The company has not disclosed the financial details of the order. “This order underlines Suzlon’s unique value proposition - offering expertise across the value chain from concept to commissioning of wind projects, helping clients like L&T achieve energy security and mitigate carbon emissions, ultimately creating sustainable business,” Suzlon Energy Ltd President-Business Development (India) IC Mangal said. The power generated from this project would be wheeled for captive use at L&T facilities in Tamil Nadu under an energy wheeling agreement with Tamil Nadu Electricity Board. “Our investment with Suzlon in wind energy is based not just on lower cost of power, but also the environmental aspects - conserving resources and helping mitigate climate risks,” L&T’s Developmental Projects Sector Executive Vice President K Venkatesh said. Shares of Suzlon were trading at Rs 73.30 on the BSE, down 0.07 per cent from previous close. — PTI |
|
Punjab’s credit flow growth dips
Chandigarh, February 18 These facts emerged during the 110th State Level Bankers Committee meeting (SLBC) for Punjab held here today. It was revealed that as against a growth of 22.8 per cent between September 2007-08, growth has come down to 13.7 per cent between September 2008-09. The gross credit in the state increased from Rs 62,108 crore in 2007 to Rs 76,290 crore in September, 2008, whereas the total advances were just Rs 86,758 crore between September 2008-09. The main reason for the negative growth in advances in the state has been poor credit offtake in the micro and small enterprises in Punjab. It is learnt that the credit offtake in this category witnessed a negative growth of 23.3 per cent. As compared to a growth of 44.2 per cent in during September, 2007-08, growth came down to just 20.9 per cent in September 2008-09. Bankers, who had come here for review, deliberated that the main reason for negative growth in advances to MSMEs was that the recommendations, made by the RBI Working Group for micro and small enterprises sector, have not been implemented by the Punjab government. It is learnt that though these issues were discussed during the special meetings of SLBC on MSMEs, little had been done by the state government to boost MSMEs and rehabilitate viable sick units. The main issues which are pending with the state government include giving preferential treatment to MSMEs for providing uninterrupted power supply, subsidy on DG sets, etc. The only good sign in credit expansion has been a 28.1 per cent growth in the agriculture advances between September 2008-09, as compared to a growth of 14.2 per cent in advances between September 2007-08. |
|
DefExpo
New Delhi, February 18 Tulip equipment for Army
Tulip telecom, a Delhi-based company having a German partner, has said it had the capability to provide network connectivity to Army equipments and it would be similar as being used by NATO. Networking of all field equipment is one of the key tasks with the Indian Army that has floated a request for information for the $4 billion deal. It will provide picture of the surrounding battle field to the soldier on the ground. Any sort of equipment, be it of US or Russian origin, can be made to connect with each other seamlessly. Maintenance cart for aircraft
Bangalore-based Maini Group has developed electrically operated “Feri - Rapid Maintenance Cart” & “Tow Truck - 8 Ton Tugger” that is suited for towing a range of combat aircraft and small to medium utility aircraft and helicopters. This was formally launched by John Brooks , President , Northrop Grumman International. Expo concludes
The 6th international DefExpo 2010 concluded here on Thursday has been successful, said the Indian Defence Ministry. Over 1,26 lakh visitors included 85,000 business visitors. The four-day event was the largest ever Defence exposition in Asia. Over 650 companies from about 35 countries displayed weapon systems for Army and Navy, the ministry said. |
|
Shimla, February 18 The Passport pack will be available from yesterday for Rs 24 making it the cheapest ISD value pack in the market. The rate for call to Malaysia, Hongkong, Singapore, USA, Canada & UK and Thailand will be just 5 paise per second and for Bangladesh, Nepal , Pakistan, Kuwait, UAE, Yemen and Saudi Arabia 11 paise per second. — TNS |
Bonus share by Castrol Reliance Webstore Jet direct flight to SA Newby Teas Man Infra IPO REC FPO opens today |
||||||
|
HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |