Govt to examine industrial slowdown

NEW DELHI, OCT 6: Finance Minister Yashwant Sinha said today the government would examine the recent industrial slowdown and take 'correct...

NEW DELHI, OCT 6: Finance Minister Yashwant Sinha said today the government would examine the recent industrial slowdown and take 8216;corrective steps8217;, if needed. quot;We will examine the issue in great detail and take corrective steps,quot; Sinha told reporters on the sidelines of the release of a book on 8216;Indian Highways8217;, written by Gajendra Haldea.

Gross Domestic Product GDP also grew by only 5.8 per cent in the reference period against a growth of 6.9 per cent in April-June last year.

Earlier, speaking at the book release function, Sinha said funds have now started coming in for the development of road sector in the country which was a problem in the last few years.

He said more and more road projects were now being taken up by the private sector and attained financial closure as well which was a good sign. Sinha said multi-lateral lending agencies were also coming forward to fund various infrastructure projects including highway development plans.

Surface Transport Minister Rajnath Singh said roads are not only lifelines but also fatelines of a nation and added that India is not included among developed nations as the infrastructure development was not 8216;proper8217; in the last 50 years.

Expressing dissatisfaction over poor private investment in the road sector, he said the government wanted to increase private sector participation in this area. The Minister said the government had aimed to makeNational Highways NH of riding quality, by 2003 besides four to six laning of about 13,252 km of NH by 2007.

Fabmart, Lafarge projects in Rs 100 cr FDI cleared

NEW DELHI: Projects of Internet major Fabmart and Spanish firm Lafarge Texsa were among 21 companies which obtained Foreign Direct Investment FDI clearance worth Rs 100 crore today.

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Commerce and Industry Minister Murasoli Maran cleared the proposals, recommended by the Foreign Investment Promotion Board FIPB, mainly in the software development, internet related services, air transport, biotechnology, machine tools, tourism, fast food, textiles and consumer goods.

While Fabmart Private Ltd has been permitted to bringin Rs 45.50 crore with 10.78 per cent FDI equity for its Internet related services, Ready Test Go Ltd was allowed to hike the foreign equity to 100 per cent from the present level of 99.97 per cent for website testing and software development, an official said.

The Chennai-based Dishnet DSL Ltd has been given the go-ahead for amendment in the existing Foreign Currency approval for expanding its activities in value added telecom services without any fresh inflows, it said.

North Airways Pvt Ltd has obtained green signal for investing Rs 19.84 crore non-schedule airline operation. In the infrastructure sector, Lafarge obtained clearance of a Rs 35 lakh FDI inflow for manufacture of building construction venture. Enercon Wind Farm India received a go-ahead for Rs 22.94 crore inflow for setting up independent wind energy unit.