HAL signs MoU with MoD; targets Rs.17,900 cr revenue in FY18
The Dollar Business Bureau Targeting a highest ever revenue at Rs.17,900 crore for current financial year, state-owned aerospace and defence firm, Hindustan Aeronautics Limited (HAL) on Wednesday signed a Memorandum of Understanding (MoU) with the Ministry of Defence (MoD). HAL has also put special emphasis on modernisation, capacity building and solar power plants, with the aim to attain a capital expenditure (capex) of Rs.1,300 crore, the company said in a statement. The MoU has charted out the targets on several performance parameters for the current fiscal. The MoU was signed by Ashok Kumar Gupta, Secretary in the Department of Defence Production, on behalf of Defence Ministry and T Suvarna Raju, CMD, on behalf of HAL. “The company’s thrust is on ‘Make in India’ projects such as Hindustan Turboprop ...
Indian Cabinet okays India-Palestine MoU on agriculture cooperation
The Dollar Business Bureau The Indian Cabinet has given its approval to the Memorandum of Understanding (MoU) between Ministry of Agriculture & Farmers’ Welfare and the Ministry of Agriculture in the State of Palestine on agriculture cooperation. This was signed in May 2017, when Palestinian Minister of Foreign Affairs had visited the country. What could seem to be an innocuous agreement, one should also look at the extra efforts on the part of the Indian government to balance its ties with Israel, Palestine, Iran and the West Asian countries. The MoU provides for cooperation in the fields of agricultural research; veterinary field including capacity enhancement of Palestinian Veterinary services and Animal Health; irrigation and climate change. It will also be extended to areas ...
India, Sri Lanka sign agreement for $318 mn line of credit
The Dollar Business Bureau India on Tuesday signed a pact with Sri Lanka for a $318 million line of credit for developing the railway sector of island nation, according to officials. RHS Samaratunga, Secretary in the Ministry of Finance and Mass Media of Sri Lanka, and David Rasquinha, Managing Director of Export Import Bank of India in Colombo signed the agreement. Prime Minister Narendra Modi, during his first visit to the island nation in 2015, had announced a $318 million line of credit for development of railway sector of the country. The visit was the first standalone bilateral visit since 1987 by an Indian prime minister and had come in the wake of rising presence of China in the Indian Ocean country. China has been ...
India, Africa seek to enhance energy ties
The Dollar Business Bureau India, the net importer of crude oil, looks to explore opportunities to boost trade and investment in the hydrocarbon-rich Africa to tap the unexplored resources of the continent to meet its fuel demand. With an aim to create greater cooperation, New Delhi is hosting the 4th India Africa Hydrocarbon Conference (IAHC) on January 21-22, which will provide a global forum for energy ministers and delegates of African nations to chart out the road map for extended energy cooperation with India. “It is a continuation of the discussion revolving around synergies between India and Africa and will strengthen the ties between the two. The partnership would enable India to enhance its energy security while nurturing Africa’s hydrocarbon’s ...
India, Jordan to promote co-operation in IT
Source: PTI The template also includes participation in international events organised by each country and other aspects as jointly decided India and Jordan will be promoting co-operation in information technology and electronics (IT&E) under a pact signed in October, which was conveyed to the Cabinet at a meeting chaired by Prime Minister Narendra Modi on Wednesday. The MoU focuses on development of and strengthening industrial, technological and commercial co-operation between the two countries in the IT&E sector and to implement institutional and capacity-building co-operation programme, an official statement said today. The thrust of co-operation includes identifying capacity-building areas and specific needs of the Jordanian IT sector, investment synergy among private and public entities of both the countries and business promotion. “The ...
India pitches for reforms in World Bank to reflect emerging economies
Source: PIB, Government of India The Union Finance Minister Arun Jaitley stressed on capital increase and the need for reforms in the World Bank so as to reflect the emerging world order in its governance. The Finance Minister made these observations when Sri Mulyani Indrawati, Managing Director, World Bank Group called on him in his office in New Delhi on Thursday. The Finance Minister complimented the World Bank MD for setting the twin global goals of removal of global poverty and increasing shared prosperity aligned to the SDGs (Sustainable Development Goals). Speaking on the occasion, Sri Mulyani Indrawati, MD World Bank, informed the Finance Minister about the World Bank Group’s agenda and strategy for achieving the twin goals of removal of ...
India, Congo discuss co-operation in mining, exploration
The Dollar Business Bureau India and the Democratic Republic of Congo (DRC), on Thursday, discussed plans for exploring mutual areas of cooperation in the field of mining as key ministries from both sides met each other in New Delhi. A business delegation of the DRC, led by Raymond Tshibanda N'Tungamulongo, Minister of Foreign Affairs, DRC, met the Indian Minister of Steel and Mines Narendra Singh Tomar. In his address, the Indian minister assured the visiting delegation of providing a full-fledged financial and technical support to the DRC in areas of capacity building and skill development. Stating that the bilateral relations between India and DRC have been friendly, the minister said that both the countries would further strengthen bilateral engagement in various ...
