WPI inflation drops to 0.90%, an 8-month low in June
The Dollar Business Bureau Inflation based on Wholesale price index (WPI) fell to 0.90% in June, lowest in eight months as the prices of food commodities and manufactured goods declined. Inflation was 2.17% in May 2017 and (-) 0.09% in June last year, according to the official data released by the Commerce Ministry on Friday. “Build up inflation rate in the financial year so far was -0.44% compared to 3.71% in the corresponding period of the previous year, it said. The prices of major food items such as vegetables, potatoes and pulses witnessed a sharp decline in the month. The prices of potato, pulses and vegetables dropped by 47.32%, 25.47% and 21.16%, respectively. The sharp decline in food items prices last month could be due to the agitation by ...
Centre to procure 2 lakh tonne onions from MP
The Dollar Business Bureau The Central government has decided to procure 2 lakh tonnes of onion from Madhya Pradesh, to provide relief to the farmers of the state from declining prices of the crop. The wholesale prices of onion have sharply declined to less than Rs.6 per kg in Madhya Pradesh as production of the crop was higher during late Kharif season of crop year 2016-17 (July-June). “We have approved procurement of 2 lakh tonnes of onions under the Market Intervention Scheme (MIS) from Madhya Pradesh,” a senior official from the Agriculture Ministry remarked. The procurement of onion will be conducted by the Madhya Pradesh State Cooperative Marketing Federation Ltd (MP-Markfed) at Rs.5,867/tonne for fair and average quality (FAQ) of the crop with overhead costs of Rs.1,467/tonne or actual, whatever is below, added the ...
20 lakh houses will be built for the poor, said Chouhan
Neha Dewan It was a full house listening with rapt attention as Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh, addressed the gathering at CII’s Annual Session 2017. Chouhan spoke on Madhya Pradesh’s transformational journey, illustrating how the state had come a long way to evolve into one which now has 7 cities under the National Smart Cities Mission owing to the progressive policies adopted by the state. The state, he said, has improved power and road connectivity. “We are now a power surplus state. There have been miracles in water resources as well. 11 years back, irrigated land was 7.5 hectares but now it has increased to 40 lakh hectares! Irrigation projects which would take decades for completion earlier are now finishing ...
MP govt inks Indias lowest-tariff solar power park
The Dollar Business Bureau The Madhya Pradesh state government formally signed strategic agreements to fuel India’s ambitions of cheaper solar tariff. A formal function at Delhi, presided by Piyush Goyal, Union power minister, Shivraj Chouhan, Chief Minister of Madhya Pradesh and Venkaiah Naidu, Union Minister for Urban Development, saw signing of deals for the Rewa Ultra Mega Solar Park (RUMSP). RUMSP is a joint venture between the Madhya Pradesh Urja Vikas Nigam Limited and Solar Energy Corporation of India Limited, aimed at a 1,590 acre solar park in the Gurh tehsil of Rewa district. Official release from the ministry as well as International Finance Corporation (IFC), a World Bank affiliate confirmed the development. IFC, the official transaction and auction advisor, shared in an ...
DGFT extends MEIS benefit for onion exporters till March 31, 2017
The Dollar Business Bureau The DGFT in its latest notification NO.49/2015-2020 dtd December 30, 2016, has extended the MEIS benefit at 5% FOB for ‘Onions Fresh or Chilled’ under ITC (HS) code 07031010 for further 3 months i.e., export till March 31, 2017. Onion major producing states like Maharashtra, M.P., Karnataka, Gujarat and Rajasthan have seen bumper crop production in September. Fearing a fall in prices as a result of the bumper crop the government of Maharashtra had appealed to the Ministry of Commerce to extend the MEIS duty benefits beyond Dec 31 in order to help the exporters of onion. In September the Maharashtra State Finance Minister in his letter to the Finance Minister Jaitley had appealed that, “since the crop of onion ...
MP attracts Rs 5.63 lakh crore investment commitments
The Dollar Business Bureau The two-day Global Investors Summit held in Indore witnessed the state of Madhya Pradesh received investment commitments worth Rs 5.63 lakh crore across different sectors, revealed Chief Minister Shivraj Singh Chouhan at a press meet. The investors gave a huge response during the summit with the state receiving more than 2,600 investment proposals. During the event, the Chief Minister also expressed his willingness to turn the state into the world’s best business destination by providing all the necessary support. He also talked about an upcoming portal which will provide the investors with all the required information apart from helping them get timely approvals for their investments. The CM said that the government has received 30 such proposals via ...
MP govt gives 40 acres to Ramdevs Patanjali at Rs 10 cr
The Dollar Business Bureau The Madhya Pradesh Govt has allocated 40 acres of land to yoga guru Baba Ramdev’s company Patanjali Ayurved. The land allocated is in the Pithampur industrial area and Patanjali intends to set up a food processing unit at a cost of Rs 10 crore. Speaking to the media, Kumar Purushottam, MD, Madhya Pradesh Audyogik Kendra Vikas Nigam, Indore said, "We have allotted 40 acres of land to Patanjali Ayurved at Rs 25 lakh per acre. We have sent a letter to the company, asking them to deposit Rs 10 crore in government exchequer for the land.” Detailing the company’s objectives Kumar Purushottam said, the company planned to invest 500 crore for the next three years and provide employment to ...
Nabard to give Rs 7,000 crore to Telangana for 11 irrigation projects
The Dollar Business Bureau The National Bank for Agriculture and Rural Development (NABARD) will be extending a loan of Rs 7000 crore to the Telangana Govt for 11 irrigation projects. The loan is a part of the MoU between the Ministry of Water Resources, River Development and Ganga Rejuvenation and NABARD for providing assistance to 99 irrigation projects in the State. These projects come under the PM Krishi Sinchayee Yojana programme (PMKSY). The Telangana Minister for Irrigation, T Harish Rao met Central ministers, Nitin Gadkari, Nirmala Sitharaman, Uma Bharti and RadhaMohan and apprised them of the issues related to their ministries in the State. He thanked NABARD and the Central Govt for extending them the loan. NABARD will raise in phases over Rs 77000 ...
