1.6.15
DMIC update
The government has approved Rs.4,318.28 crore to construct roads and basic amenities at two industrial regions in Gujarat and Maharashtra under the Delhi-Mumbai Industrial Corridor (DMIC) project.
The Cabinet committee, chaired by Narendra Modi, approved the construction of trunk infrastructure components of phase 1 of the Dholera Special Investment Region (DSIR) in Gujarat and phase 1 of the Shendra Bidkin Industrial Area (SBIA) in Maharashtra under the DMIC project.
These projects are likely to be completed in three to four years. The total cost of the DSIR project is estimated to be about Rs.2,784.83 crore, which will be invested by DMIC Trust as equity in the citynode SPV , an official statement said. For this region, the trunk infrastructure components are roads and services, ABCD building complex, water and sewage treatment plant and common effluent treatment plant. The total cost of the SBIA project is Rs.1,533.45 crore.
According to the statement for the DSIR project, as per the institutional and financial structure approved by the government, the land for the project will be contributed by the state government as their equity .“The contribution of DMIC Trust by way of equity and debt will be made in form of cash sub ect to a ceiling of Rs.3,000 crore,“ t added. The value of land brought by the state government would be the equity contribution of the state government.
Sikkim @40
In the 40 years since Sikkim became India's 22nd state, the erstwhile Himalayan kingdom has been flying under the radar in accomplishing the near-impossible.Its impressive record in literacy, poverty alleviation, sanitation and organic farming makes it nearly unparalleled not just in the region but in, perhaps, all of Asia.
With a population of just 6,10,000 Sikkim, the least populated state in India, has its per capita GDP growing in double digits since 2004-05 -similar-sized northeastern states barely registering 5% growth.
Sikkim slashed its poverty ratio by 22% to 51,000 (8.2%) in 2011-12 from 1.7 lakh (30.9%) in 2004-05. In 1994, it stood at 41%. The reduction catapulted Sikkim into the nation's top five states in battling poverty . Only Goa (5.1%), Kerala (7.1%) and Himachal (8.1%) fared better.
Sikkim's literacy rate shot to 82.2% from 68.8% in 2001, among the country's highest. Male literacy 86.6%, female literacy 66.4%. Its rural literacy rate of 79.8% surpassed the national rate of 68.9%. The state aims to make Sikkim India's second 100% literate state.
Sikkim's evolution into a fully organic state since embracing the mission in 2003 received a fillip from PM Narendra Modi earlier this year. Speaking at a reception by Indian expats in Germany, Modi waxed eloquent on huge advances made by Sikkim in organic farming. Of the state's 60,000 ha farmland, 40% is organic.
The UN hailed Sikkim for its Human Development Report indices as a global best-practice in February 2014. Terming its achievements as `incredible', UN's India representative Lise Grande said there was no other government under similar conditions that had achieved such success, acknowledging the tiny state's 15% growth in less than a decade as among the highest for all Indian states and one of Asia's highest.
Sikkim was also declared to be the first state to achieve 100% sanitation coverage becoming completely free of public defecation on December 8, 2008, in a country where large parts of the population still defecate in the open.
An IFSC in Mumbai
Chief minister Devendra Fadnavis has constituted a high-powered task force to draft an action plan to set up the International Financial Services Centre (IFSC) in BKC. A senior bureaucrat said the task force would be cochaired by Deutsche Bank chief executive officer Anshu Jain and SBI chairperson Arundhati Bhattacharya, while additional chief secretary (finance) Sudhir Shrivastava, metropolitan commissioner UPS Madan and the CM's principal secretary Praveen Pardeshi and OSD Kaustubh Dhavse are the other members on the task force. “The main terms of reference of the task force are to work out a comprehensive ac tion plan for the international finance services centre, seek advice on regulatory issues from the RBI and allocate responsibilities so that the IFSC is set up in a time bound period,“ the bureaucrat said.
Saying London has six different mini-hubs that comprise the financial hub, the bureaucrat said the government had set itself the goal of setting up the best financial services centre in the world.
“Mumbai has an advantage over the rest of the country. Now we require significant soft and hard infrastructure improvement to attract global talent. Dispute mechanisms will have to be world class for the IFSC to succeed. London enjoys a huge advantage as it is the arbitration capital of the world,“ the bureaucrat said.
The official said that as taxation laws were the most important aspect of a financial hub and the Centre would have to play a crucial role on that front, the CM had agreed to take the responsibility for it. “Changes in laws will have to be effected by the Centre, and the state has major responsibility to work in close coordination with the Centre in order to create a legal and regulatory framework that makes Mumbai a credible competitor to London, New York and other IFSCs,“ the bureaucrat said.
The official said creation of the IFSC was central to the economic aspirations of the national government.
“We are sure that when the task force meets in July in the presence of the CM, a clear and credible road map will be ready ,“ the official said.
Saying London has six different mini-hubs that comprise the financial hub, the bureaucrat said the government had set itself the goal of setting up the best financial services centre in the world.
“Mumbai has an advantage over the rest of the country. Now we require significant soft and hard infrastructure improvement to attract global talent. Dispute mechanisms will have to be world class for the IFSC to succeed. London enjoys a huge advantage as it is the arbitration capital of the world,“ the bureaucrat said.
The official said that as taxation laws were the most important aspect of a financial hub and the Centre would have to play a crucial role on that front, the CM had agreed to take the responsibility for it. “Changes in laws will have to be effected by the Centre, and the state has major responsibility to work in close coordination with the Centre in order to create a legal and regulatory framework that makes Mumbai a credible competitor to London, New York and other IFSCs,“ the bureaucrat said.
The official said creation of the IFSC was central to the economic aspirations of the national government.
“We are sure that when the task force meets in July in the presence of the CM, a clear and credible road map will be ready ,“ the official said.
India's GDP grew 7.3% last year
The Indian economy grew at 7.3% last year as economic activity , led by services and manufacturing sectors, expanded rapidly in the March quarter.
Although the provisional estimates for the fourth quarter peg growth at 7.5%, against China's 7%, doubts linger over the accuracy of the CSO's new measurement technique.
FM Arun Jaitley said the figures showed the economy was in a “recovery mode“ and India had the potential to grow at 8-9% and beyond, but experts were guarded in their opinion.
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