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Forex reserves may fund infrastructure projects Finance minister P. Chidambaram shakes hands with deputy chairman of Planning Commission Montek Singh Ahluwalia at a conference of chief secretaries, in New Delhi on Saturday. — PTI photo
LSE gets EoI for 25 pc stake
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Intel-HCL launch classmate PCs
ICICI Bank profit up 25 per cent
Aviation Notes
Investor Guidance
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Forex reserves may fund infrastructure projects
New Delhi, July 21 The government is in discussion with the Reserve Bank of India to use some portion of the foreign exchange reserves, estimated at around $220 billion, for infrastructure, Chidambaram stated at a conference of chief secretaries on public-private partnership (PPP). The finance minister also disclosed plans for the proposed Rs 100-crore India Infrastructure Project Development Fund (IIPDF) aimed at helping the states in preparatory work of projects with PPP. He said up to 75 per cent of the expenses of projects under PPP will be financed by it. The IIPDF, which will be a revolving fund, will be used to assist states and will get replenished not only from successful bid projects but also through budgetary support. Stating that the government will not be able to meet the growing funding need on its own for infrastructure, he said the country will need massive private investment. In this context, he pointed out that though finances were available with a large number of private funds looking at India with interest, there were not enough infrastructure projects on the shelf in states. He, however, said the pace of infrastructure projects had gathered momentum in 2006-07. As many as 12 states have agreed to sign MoUs with Asian Development Bank for providing technical assistance to PPP projects. Two such MoUs have already been signed, he added. Addressing a press conference after the conclusion of the meeting, deputy chairperson of the Planning Commission Montek Singh Ahluwalia said there was growing recognition among the states that PPP is inevitable to spruce up shaky infrastructure. He said the states have been asked to send report on the ongoing infrastructural projects as well as what new projects they propose to take up during the 11th five-year Plan period.
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Chandigarh, July 21 "We have received expression of interest from nine investors, including one company, for about 25 per cent stake in the stock exchange," LSE chairman B.B. Tondon said. LSE has forwarded the cases of the interested parties to SEBI for its approval, he said. Tondon said the exchange received a number of proposals but it shortlisted nine investors after due diligence. Senior officials of the exchange hoped that the LSE would be able to complete the demutualisation process by August. LSE, one of the regional stock exchanges in the country, has to divest 51 per cent stake as per the Securities Contract (Regulations) Act, 1956 by September 14, 2007. — PTI
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Intel-HCL launch classmate PCs
Jaipur, July 21 The mobile PC is priced in the sub Rs 18,000 range and will be available in the market for schools starting August, HCL Infosystems executive vice-president Rajendra Kumar said. “It is priced in the sub Rs 18,000 range but also includes the cost of installing supporting connectivity infrastructure, teachers’ training and customised integrated learning solutions through our tie-up with content developers and education service provider. Later, the cost will go down further,” he said. Classmate PC is an educational tool developed by Intel to aid students in their classroom learning. It is powered by Intel Processor 900 Mhz and comes with WiFi and ethernet connectivity. It has a 7-inch LCD screen, 215 MB and 512 MB RAM with one GB and two GB flash memory. Classmate PCs will be retailed through schools and HCL Infosystems expects to deploy 3,000-5,000 such PCs over the next one year. — PTI
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ICICI Bank profit up 25 per cent
Mumbai, July 21 Total advances went up by 35 per cent to Rs 1,98,277 crore as against Rs 1,47,184 crore in the corresponding quarter of the last fiscal. |
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DG’s extension irks DGCA officials
by K.R. Wadhwaney There is a lot of disappointment and dejection in the corridors of Directorate-General of Civil Aviation (DGCA). The reason: extension of six months to Director-General Kanu Gohain after reaching superannuation. The senior staff, particularly the affected two joint DGs, hold no personal grudge against Gohain. But they are rightly upset at non-adherence of superannuation rules. If the minister or the concerned authorities continue to grant extensions to their ‘favourites’, there will be no promotions and change of baton leading to confusion and chaos, said DGCA officials, adding: “Why then maintain merit and seniority list of next-in-line incumbents?” The consensus among DGCA and other aviation officials in Air India and Indian (Airlines) is that the Prime Minister’s Office should not allow such extensions which have demoralising effect on the functioning of the officials. Paucity of pilots
Red tapism is instrumental for paucity of pilots in the country. Many popular flying training institutions have been closed down. While one at Delhi has been shut down because of its security-risk location, many others have been lying in disuse because of lack of competent instructors and unavailability of government grant. The Indira Gandhi Uran Academy at Rae Bareli, for example, has a lot of potential to produce scores of pilots. It has facilities to produce double or triple quantums of pilots it is currently producing. This is again because it is a strong hub of politics instead of the pilot training centre. There is also acute shortage of training aircraft. According to many senior pilots and DGCA officials, majority of pilots returning from America lack in general knowledge and technical flying knowhow because they have managed licences in 5-6 months instead of undergoing the minimum stipulated training of 18 months. Luckily, there have not been many incidents because ‘machines’ they are handling are new and sturdy. The experts are of the firm belief that persons are safe in modern aircraft than in their homes. Flight to US
Air India’s much-delayed non-stop flight between Delhi and New York and back will start functioning from August 1. It is an occasion to celebrate. The traffic on this route is large and the flight can be very popular, if handled carefully. The flight has, however, posed a problem to the airline, which is short of trained and experienced pilots. The non-stop 11-hour flight would consist of two sets of cockpit and cabin crews. One, in command from Delhi, would fly for five and a half hours before another set of crew takes over. The first set of crew would return about half-an-hour earlier to secure command because they are instrumental for landing also. The take-off and landing have got to be undertaken by one set of crew. On return from New York to Delhi, the second crew will be first to undertake take-off and landing. According to Air India officials, deployment of two sets of crews may affect some important flights. But there is, however, no cause for panic. |
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With a whopping $475 billion required over the next five years for infrastructure development in the country, the Centre is toying with the idea of using a part of its foreign exchange (forex) reserves to fund projects, finance minister P Chidambaram said here today.
