Airports Authority of India to raise $300 mn to fund new infrastructure


With an intent to step up investments in capacity expansion of airport infrastructure in the country, the Airports Authority of India(AAI) has decided to raise $300 million through External Commercial Borrowing (ECB) route next year as part of the proposed five-year outlay with Rs 25,000 crore starting this year. The board has already approved the move, according to its chairman Arvind Singh.

The airport authority aims to spend a minimum of Rs 5,000 crore each year on the infrastructure in line with the government’s announcement that 100 new airports will be developed in five years in addition to the 48 airports newly operationalised in the past four years.

“Once these projects are completed the passenger capacity of the AAI-run airports will grow more than double to 700-750 million as compared to 350 million passenger capacity as we go for expansion, up-gradation and greenfield development,” Arvind Singh said on the sidelines of Wings India summit here on Friday.

The capex on airport infrastructure was supposed to be in the range of around Rs 4,000 crore last year as compared to around 2,500 crores in 2017-18 while the AAI’s current

UP has got industrial investments worth Rs 3 trillion since 2017: CM


chief minister on Thursday claimed that the state’s industrial sector had received private and public sector investment of nearly Rs 3 trillion during the last three years of his regime.

Addressing a function here this afternoon, Adityanath said this investment had helped to create employment and self employment opportunities totalling 3.3 million since his government came to power in 2017.

“The state is constantly moving towards a new direction, and in addition to the industrial sector growth, several big infrastructure projects are also underway,” he added.

Meanwhile, he launched a slew of new schemes and projects related to the vocational education and skill development, including the setting up of ‘Yuva Hubs’ in all the 75 districts.

Last month, the ‘Yuva Hub’ scheme was allocated Rs 1,200 crore in the UP Annual Budget 2020-21 and it aims at providing employment to tens of thousands of skilled youth by assisting in project concept and financial help for one year of operation.

To facilitate setting up of 30,000 startups in the first phase of the scheme by integrating all the youth related schemes and

Sovereign wealth funds may cut down India play as oil prices drop


The slump in could curtail overseas money coming into India from some of the wealthy oil producing countries through their (SWFs).

Countries such as Saudi Arabia, Kuwait, Norway, and Canada may bear the brunt of the recent dip in These countries invest significantly through SWFs in India. The assets under custody of SWFs in Indian equities totalled Rs 1.82 trillion, shows the data from NSDL.

Norway, for instance, depends on oil and gas for more than a third of its exports and reportedly risks slipping into recession for the first time since the 2008 financial crisis. Norway’s Government Pension Fund Global, the biggest SWF in the world, has increased its India bets to $9.4 billion at the end of 2019, reveal annual disclosures.

A steep drop in can fuel a risk-off sentiment. This can lead to (FPI) outflows. FPIs have sold shares worth nearly Rs 33,000 crore in the last 12 sessions; any redemptions from SWFs, which are typically long-term investors, could exacerbate the situation.

ALSO READ: Oil prices fall as Saudi moves to boost output amid price war

Tea Board leans on domestic market as export prospects dim over Coronavirus


Faced with a potential fall in exports owing to the outbreak, the is stepping up promotional activity to boost consumption within the country.

Industry officials and officials are hopeful that this way, carry-over stocks can be liquidated and domestic consumption can make up for export losses.

“A brand campaign to showcase Assam tea has been rolled out in Odisha and more such campaigns will come up in major tea consuming states as well shortly,” A K Ray, deputy chairman at the told Business Standard.

States which have been shortlisted include Gujarat, Rajasthan, Uttar Pradesh, Bihar, Haryana.

Ray said that the idea is to boost volume sales of superior quality tea which is priced higher.

“We will promote consumption of good quality tea among consumers in these states and are collaborating with industry bodies in this endeavour,” Ray said.

For instance, the Tea Board is collaborating with the Guwahati Tea Auction Committee (GTAC) for the outreach programme in Odisha, Uttar Pradesh and Bihar. Private tea packaging firms are also being roped in for this initiative.

Hard to liquidate BS-IV stock before March 31 deadline, auto dealers fear


With several state governments issuing circulars to end registration process for vehicles much before March 31, 2020, and the fear of coronavirus keeping buyers away from showrooms, automobile dealers fear that they would not be able to liquidate the inventory before the month-end deadline.

According to automobile dealers’ body Federation of Automobile Dealers Associations (FADA), things were under control till February-end and it was only in the first week of March that the dealers started getting circulars from state transport departments with deadlines for getting the vehicles registered.

Besides, the banks also came out with notices that they would not finance BS-IV stock after specific dates in March, further impacting the confidence of the dealers. It was followed by the coronavirus outbreak, which has led to steep fall in footfalls in the showrooms.

“So, lot many things have come together and, now, suddenly there is fear among dealers that they won’t be able to liquidate the BS-IV stock. At the start of March, we were reasonably confident that the problem of leftover stock would not be much,” FADA President Ashish Harsharaj Kale told PTI.

Dealers have started

Telangana Budget: Govt to spend Rs 10,000 cr on Hyderabad infra in 2020-21


Telangana government has proposed a whopping Rs 10,000 crore for the development of Hyderabad among other significant outlays, including Rs 11,917 crore for weaker section housing and Rs 6,225 crore towards phase-1 farm loan waiver on top of other big allocations to the existing flagship welfare and development programmes made in the annual budget for the year 2020-21.

The bigger and more public spending plans comes on the back of an anticipated rebound in the own tax and non-tax revenue as the government has proposed more than 27 per cent increase in budget expenditure at Rs 1,82,914.42 crore for the year 2020-21 with a revenue surplus of Rs 4,482 crore. The fiscal deficit was pegged at Rs 33,191 crore.

It may be recalled that the state government had slashed its annual expenditure estimate to Rs 1,46,544 crore in the full budget for the year 2019-20, which was approved in September 2019, from a similar level of Rs 1,82,016 crore proposed by chief minister K Chandrasekhara Rao government during the vote-on-account budget passed in February 2019, citing the economic slowdown.

Even though the state government expects a meager 4.62 per

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