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Briefly Business: Nair wants India Inc to share 50% of infra burden

Nair wants India Inc to share 50% of infra burden

Written by Press Trust Of India | Published: April 28, 2012 12:57:52 am

Nair wants India Inc to share 50% of infra burden

New Delhi: Prime Minister’s advisor TKA Nair on Friday said corporates should chip in with half of the $1 trillion investments needed in the infrastructure sector during the 12th Plan period (2012-17).

Montek pegs long-term growth potential at 8-9%

LONDON: Even as global credit rating agency S&P’s lowered India’s outlook to ‘negative’,the country’s long-term economic growth potential is 8-9 per cent provided the macroeconomic fundamentals are in place,Deputy Chairman of Planning Commission Montek Singh Ahluwalia said at the third Clean Energy Ministerial Meeting.

M&M likely to set up Rs 3K cr unit in Uttarakhand

Dehradun: Auto major Mahindra & Mahindra (M&M) has proposed to invest Rs 3,000 crore to set up a manufacturing plant in Uttarakhand,according to the state government.

RBI asks banks to allow intra-bank portability

Mumbai: The Reserve Bank of India on Friday asked banks to allow intra-bank account portability in cases where full KYC (know your customer) details of the concerned account have been ascertained.

TDSAT reserves order in RInfra-Etisalat DB case

NEW Delhi: Telecom tribunal TDSAT on Friday reserved its order over the plea of Anil Ambani group company RInfra that is claiming Rs 1,200 crore dues from Etisalat DB for using its towers and other infrastructure.

NSE,BSE to conduct special F&O trading today

Mumbai: The NSE and the BSE will conduct a special live trading session tomorrow in the F&O segment due to upgradation of the system.

Ajit to meet Mamata on 49% foreign carrier stake in local airlines

New Delhi: To build a consensus among UPA allies on the critical issue of allowing foreign carriers to pick up stake in domestic airlines,civil aviation minister Ajit Singh is set to meet West Bengal Chief Minister Mamata Banerjee on April 30.

Singh will meet Banerjee in Kolkata to bring the Trinamool Congress chief on board on the proposed FDI decision. “The minister would be meeting the TMC leader on this issue,” confirmed a top official.

The move follows an informal direction from the highest government office to consult the ally lest it were to cause any more embarrassment to the government during the ongoing parliament session.

The DIPP is said to be ready with its draft proposal allowing foreign carriers to pick up 49 per cent equity in local airlines. The move is likely to benefit the cash-strapped sector reeling under combined estimated losses of over Rs 10,000 crore for 2011-12.

‘Govt hiding behind coalition politics’

bangalore: The government lacks political will to take hard decisions and is “hiding behind coalition politics”,CMD of Biocon,Kiran Mazumdar-Shaw said Friday.

“I think the government has to wake up and the government cannot keep hiding behind coalition politics”,she told reporters in response to questions.

Asked to comment on general business sentiment in India,Mazumdar-Shaw said there is a lot of negative sentiments being expressed from outside the country,noting S&P’s lowering India outlook to negative and Macquaire shutting down India fund.

With high fiscal deficits and oil prices,“there is a serious concern whether our economy is really stable”,she said.

There is a perception about lack of policy reforms in India. “There is no great,strong signals coming from the government that we want to really drive growth and attract investment. That’s really a concern”,Mazumdar-Shaw said.

“The greater concern that we have in the industry is that there is no investment in infrastructure”,she said.

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