Govt plans to use excess land with PSUs for capacity addition
The Dollar Business Bureau The government is planning to utilise surplus land available with public sector units (PSUs) by forging joint ventures (JV) with private players for setting up of new steel plants, which will also help the government to achieve its target of taking the steel production capacity of the country to 300 million tonnes by 2030. The Union Cabinet on Wednesday has approved the New Steel Policy (NSP) 2017 that is aimed at achieving the country’s steel production capacity to 300 million tonnes by 2030 with an additional Rs.10 lakh crore investment. Currently, the steel production capacity of the country is 126 million tonnes. “A new policy for steel industry has been approved after 12 years that will give a ...
India to clock 7.1% GDP this year, 7.5% in 2018: UN report
PTI India is expected to clock 7.1% growth this year before edging up to 7.5% in 2018, according to a UN report, which warned that the country faces heightened risks related to the concentration of bad loans in the public sector banks. The UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in its annual flagship report 'The Economic and Social Survey of Asia and the Pacific 2017' launched yesterday that the economic growth for India is projected to be stable at 7.1% in 2017 before edging up to 7.5% in 2018, underpinned by higher private and public consumption and increased infrastructure spending. Growth in India is forecast at 7.1% this year as "re-monetisation restores consumption, ...
Govt aims to cut coal imports to zero for power PSUs
The Dollar Business Bureau The Government said on Sunday that it is targeting to bring down the imports of thermal coal to ‘zero’ of power public sector units (PSUs) such as NTPC Ltd in this fiscal, a step that will help in cutting down the import bill of the country by about Rs.17,000 crore. “This year we want that coal import by these plants (of public sector companies) should be brought down to zero and slowly we would convince the private sector that there is no need for you to import coal,” Susheel Kumar, Secretary - Coal told the PTI. The government would gradually persuade the private firms to stop the imports of thermal fossil fuel and source their coal requirements through local sources as this is ...
Oil PSUs to invest over Rs. 1.4 lakh crore in AP: Pradhan
The Dollar Business Bureau Petroleum and Natural Gas Minister Dharmendra Pradhan said on Friday that key oil public sector units (PSUs) are planning to do investments of more than Rs.1.43 lakh crore in Andhra Pradesh in the next few years which would generate thousands of jobs in the state. The Minister said that investment will begin from the financial year 2017-18 and the entire investment will be finished by 2021-22. Andhra Pradesh has huge potential in hydrocarbons and in the coming years the state is going to become the main petrochemical and petroleum hub, Pradhan stressed at the Partnership Summit organised by CII. “Our oil PSUs are partnering with Andhra Pradesh to build new synergies in the hydrocarbon sector. The oil PSUs have invested more than ...
UAE offered to invest $1.8 bn in Indian PSUs
The Dollar Business Bureau Calling for greater economic and strategic cooperation, India offered investment opportunities worth $1.5-1.8 billion in projects of Public Sector Units (PSUs) to the investors of United Arab Emirates (UAE). “Opportunities include a 44 per cent stake in ONGC Petro Additions for $700 million, a 24 per cent stake in Bharat Oman Refinery in Madhya Pradesh for $200 million and investment opportunity between $530 million to $850 million in a petrochemical project of HPCL and GAIL India in Andhra Pradesh,” Petroleum and Natural Gas Minister Dharmendra Pradhan said while addressing the UAE investors during his visit to Dubai. Indian Government has announced new Hydrocarbon Exploration Licensing Policy (HELP) to bring in more investments into the country’s exploration and production activity ...
'PSUs in Steel & Mines Industry must act with a sense of urgency on skill development'
The Dollar Business Bureau The Union Minister of Steel & Mines, Narendra Singh Tomar, on Tuesday, urged the Public Sector Units (PSUs) of the Steel & Mines Industry to focus on the area of skill development. The Minister was speaking at an interface meeting held between the Ministries of Steel & Mines and Ministry of Skill development & Entrepreneurship in New Delhi, on Tuesday, which was focused on Government of India’s skill development initiative. Speaking on the occasion, the Minister asked the PSUs part of the Steel & Mines industry to act with a sense of urgency and purpose in the area of skill development and employment generation. In the meeting, the PSUs related to the industry were further suggested ...
Centre moots greater role for States in minerals mining
The Dollar Business Bureau With an aim to expedite the mineral development, the Government of India on Thursday has taken decision to delegate power to the State governments. Notifying 31 major minerals under the minor mineral category, the Indian Union Minister of Steel and Mines Narendra Singh Tomar announced that this move of the Centre is to devolve more power to the States. The Minister was speaking on the sidelines of the 54th meeting of Central Geological Programming Board (CGPB) at Vigyan Bhawan in New Delhi on Thursday. These 31 minerals account for over 55% of the total number of leases and nearly 60% of total leased area. The Minister further said that the Central government wants the Public Sector Units ...
