World Bank loans will be spent on infrastructure: MukherjeeSeptember 23rd, 2009 KOLKATA - Finance Minister Pranab Mukherjee Wednesday said 95 percent of the $4.3 billion World Bank grant would be spent on developing the country's infrastructure. "The World Bank has sanctioned $4.3 billion loans for India.
India to give Nepal Rs.20 bn for infrastructure projectsAugust 20th, 2009 NEW DELHI - India has pledged assistance of Rs.20 billion to Nepal for infrastructure projects, Finance Minister Pranab Mukherjee told visiting Nepali Prime Minister Madhav Kumar Nepal. The Nepali prime minister arrived Monday on a five-day visit to India - his first to the country since assuming office three months ago.
Takeout financing scheme to be evolved by IIFCLJuly 6th, 2009 NEW DELHI - The India infrastructure Finance Company Limited (IIFCL) will evolve a 'takeout financing' scheme in consultation with banks to facilitate incremental landing to infrastructure sector. Union Finance Minister Pranab Mukherjee announced this while presenting the General Budget 2009-10 in the parliament.
Government increases infrastructure fundingJuly 6th, 2009 NEW DELHI - Infrastructure development continues to be a priority area for the United Progressive Alliance (UPA) government with Finance Minister Pranab Mukherjee increasing public investment in this sector. "The investment in infrastructure for the growth of economy is critical.
Infrastructure investment target difficult to meet: Economic SurveyJuly 2nd, 2009 NEW DELHI - Owing to a shortage of long-term finance, it is difficult to achieve the investment target set for the infrastructure sector for the 11th Five-Year Plan period, India's Economic Survey for 2008-09 released here Thursday said. The government has estimated an investment requirement of $500 billion in the infrastructure sector for the plan period that ends in 2012 for achieving inclusive growth.
Tax reliefs sought for infrastructure projectsJune 24th, 2009 NEW DELHI - The Associated Chambers of Commerce and Industry of India (Assocham) Wednesday urged the government to exempt infrastructure projects from excise, value-added tax (VAT) and central sales tax (CST) to make them more cost-effective. "On account of excise, VAT and CST, the capital costs of projects become dearer by over 20-25 percent which puts huge burden on companies commissioning infrastructure projects," said Assocham president Sajjan Jindal.
Set up $90-bn infrastructure fund, government toldApril 26th, 2009 NEW DELHI - The Associated Chambers of Commerce and Industry (Assocham) has urged the government to set up a 'separate infrastructure financing fund' worth $90 billion to finance infrastructure projects in the next three years. In a note submitted to the Planning Commission and the Reserve Bank of India (RBI), Assocham secretary general D.S.
South India more attractive for investors: AssochamApril 5th, 2009 NEW DELHI - Metros in South India are more attractive for infrastructure projects than their counterparts in the other parts of the country, an industry lobby report said Sunday. According to the report, 'Indian Metros: Pulling Infrastructure Investment', released by the Associated Chambers of Commerce and Industry (Assocham), Hyderabad, Bangalore and Chennai received 70 percent of the total private infrastructure investment came to the six major metros in the country.
Slowdown effect: No bidders for 40 percent of road projectsMarch 21st, 2009 NEW DELHI - About 40 percent of the country's road projects put up for competitive bidding have found no takers due to the economic slowdown, a Planning Commission member said here Friday. 'Of the 60 road projects that had been put up for competitive bidding, 40 percent received no bids,' Planning Commission member Kirit Parikh said.
Pakistan should take courage, dismantle terror facilities: PranabMarch 3rd, 2009 NEW DELHI - India Tuesday said unless Pakistan completely dismantles the terrorism infrastructure on its territory, incidents like the attack on Sri Lankan cricketers in Lahore would continue to take place. External Affairs Minister Pranab Mukherjee told reporters here that Pakistan must 'take courage in both hands' to tackle the terrorism infrastructure and appealed to the international community to act to address terrorism, which he described as the 'biggest menace' in the world today.
Highlights of interim budget presented in Lok SabhaFebruary 15th, 2009 NEW DELHI - Following are the highlights of the interim budget presented by Minister for External Affairs Pranab Mukherjee in the Lok Sabha Monday:
* India remains second-fastest growing economy in the world
* Economy expected to grow 7.1 percent this fiscal
* Government spent Rs.70,000 crore (Rs.700 billion) on 37 infrastructure projects in 2008-09
* Under public-private partnership (PPP), 54 central infrastructure projects approved
* Total expenditure of PPP projects estimated at Rs.67,700 crore (Rs.677 billion)
* India Infrastructure Finance Company to raise Rs.10,000 crore (Rs.100 billion) by end-March
* India has weathered inflation criris, but no room for complacency
* Country's agriculture outlook is encouraging
* Record foreign direct investment of $32.4 billion attracted
* Extraordinary situation merits extraordinary measures
* Need to consider additional fiscal measures in regular budget
* In past three years, India grew by average of over 9 percent
* Per capita income expanded by 4.7 percent per annum
* Fiscal deficit was brought down from 4.5 percent to 2.7 percent
* Revenue deficit was cut from 3.6 percent to 1.1 percent
* Exports increased 26.4 percent per annum
* Foreign trade increased from 27.3 percent to 35.5 percent
* Tax to gross domestic product ratio expanded by 9.2 to 12.5 percent
* Agriculture grew by 3.7 percent per annum
India received $32.4 billion foreign investment last fiscalFebruary 15th, 2009 NEW DELHI - India received about $32.4 billion of foreign investment in 2007-08, Minister for External Affairs Pranab Mukherjee said while presenting the interim budget 2009-10 in the Lok Sabha Monday. Foreign investment inflow during April-December 2008 was $23.3 billion, reflecting a growth of 45 percent over the same period in 2007, Mukherjee said.
High interest rates, cash crunch delay infrastructure projects: CIIJanuary 24th, 2009 NEW DELHI - High interest rates and credit crunch have delayed several infrastructure projects by up to six months, said a survey by the Confederation of Indian Industry (CII), released here Sunday. According to the Infrastructure Outlook Survey, around 85 percent of the respondents have expressed concern over the delay in financial closure of infrastructure projects being implemented by them.
India for new global partnerships to counter terrorismJanuary 18th, 2009 NEW DELHI - Stung by the Nov 26 terror attack in Mumbai that left around 170 people dead, External Affairs Minister Pranab Mukherjee Monday called for a new global partnership to 'dismantle the infrastructure of terrorism'. 'We need new partnerships at the global level to counter the threat of terrorism,' Mukherjee told the 'Partnership Summit 2009' organised by the Confederation of Indian Industry (CII) here.
Singapore firm to invest Rs.870 bn in IndiaJanuary 11th, 2009 NEW DELHI - Singapore-based Universal Success Enterprises Ltd (USEL) Monday said it has signed three agreements with the Gujarat government and will invest about Rs.87,000 crore (Rs.870 billion) in various infrastructure projects. USEL, a diversified group in the field of infrastructure development, real estate, energy trading, hospitality and manufacturing, has identified thermal power generation, seaports, and mixed-use industrial and urban development as focus areas in West Bengal, Gujarat and Maharashtra.
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