ADB to give Rs 2100-cr loan to Tripura for urban, tourism development


The (ADB) is likely to provide a Rs 2,100 crore loan to the government for the development of urban areas and in the northeastern state that borders Bangladesh, officials said here on Tuesday.

According to Tripura’s Urban Development and Department Secretary Gitte Kirankumar Dinkarrao, of the Rs 2,100 crore expected to be provided by the ADB as loan, Rs 1600 crore will be for urban development and Rs 500 crore for the sector.

“Under the loan arrangement, initially ADB would provide Rs 40 crore for engagement of project design and management consultants for urban and tourism sectors. Once the projects are prepared, ADB would provide Rs 1,600 crore for development works in urban areas and Rs 500 crore in tourism sector over the next three years,” Dinkarrao told IANS.

The senior IAS officer said that in the urban sector, all 20 urban local bodies in would be covered and in the tourism sector, all tourism destinations, roads leading to them and tourist facilities would be covered.

The Government has signed the loan agreement with the ADB in New

India may ease rules for non-Chinese investments from Hong Kong: Report


India may reduce scrutiny of deals by Hong Kong-based investors as long as Chinese firms aren’t involved in the transactions, people with knowledge of the matter said.

The proposals under consideration include making it mandatory for beneficial owners from nations sharing a land border with India to seek the government’s permission to acquire more than 10% stake in any local firm, the people said, asking not to be identified citing rules. The discussions are at a preliminary stage, they said.

Prime Minister Narendra Modi’s administration is formalizing investment rules for neighboring countries amid a bloody border standoff with China earlier this year. That’s led to over 140 proposals worth more than $1.75 billion, including proposals from China and Hong Kong, getting delayed and complicating deal-making for investors.

The framework is expected to speed up the approval process and bring in much-needed clarity for both private equity firms and hedge funds and companies looking for foreign capital as they struggle amid the pandemic-generated economic shocks.

A call made to the trade and industry ministry spokesman was not immediately answered.

Read more: India Accuses China of Helping

Additional borrowing permission of Rs 16,728 cr granted to 5 states


has granted permission for additional mobilise additional financial resources to the tune of Rs 16,728 crore through open market borrowings to five states.

The permission has been granted as the state have so far completed the stipulated reforms in the ease of doing business. These states are Andhra Pradesh, Karnataka, Madhya Pradesh, Tamil Nadu and Telangana, said a Finance Ministry statement.

In view of the resource requirement to meet the challenges posed by the pandemic, the government had on May 17, 2020 enhanced the borrowing limit of the states by 2 per cent of their GSDP. Half of this special dispensation was linked to undertaking citizen centric reforms by the states.

The four citizen centric areas for reforms identified were implementation of ‘One Nation One Ration Card’ system, ease of doing business reform, urban local body or utility reforms and power sector reforms.

So far 10 states have implemented the One Nation One Ration Card system, five States have done ‘ease of doing business’ reforms, and two states have done local body reforms.

Besides additional borrowing permissions, the states completing three out of the

PM Modi backs farm laws, says farmers have started getting their benefits


Prime minister on Saturday indicated that the controversial farm laws would not be repealed, saying farmers have started getting benefits of agricultural reforms.

Addressing an Assocham event, Modi said the country has made up its mind to embrace the changes in various rules and regulations being made by his government to meet the goal of Atmanirbhar Bharat (self-reliant India).

“Agricultural reforms that we undertook six months back have started benefiting farmers,” he emphasised. Modi said his government has repealed more than 1500 archaic laws and is continuously making efforts to frame new legislations.

“The country has made up its mind, the country is committed to changes in rules and regulations that the government is making to achieve the dream of Atmanirbhar Bharat,” he said.

He asked the industry to help farmers sell their produce in the global markets.

To put forth his point, he said people start eating and the country starts importing those products about which some studies say that they are rich in proteins. “Without us realising, foreign edible products make entry into our platter. On the other hand, our own

Solar power tariff decline supported by structural factors: Ind-Ra


Continuous decline in solar power tariffs since the start of the current financial year (FY 2020-21) has been driven by a mix of structural and state-specific factors with the former likely to sustain over medium-term, India Ratings and Research (Ind-Ra) has said.

The tariffs declined to Rs 2.36 per kilowatt hour (kWh) in June and July, and Rs 2 in November. In the latest bidding as well, while the winning bids are at Rs 2 per kilowatt hour (kWh), the highest bid was at Rs 2.43 per kilowatt hour (kWh) which is lower than the earlier tariffs.

The decline in tariffs is being driven by a lower capital cost per megawatt of around Rs 4 crore per megawatt because of advancement in panel designs, enabling a higher capacity utilisation factor (CUF).

Besides, there has been a reduction in panel costs globally while financing costs have lowered. estimates that a lower funding cost to foreign and domestic developers has resulted in a tariff decline of 10 to 15 paise per kWh.

Additionally, few state-specific factors impacting the tariffs in the latest round include an exemption of Rs

India wants a V-shaped recovery at any cost. But what will RBI do?


A collapse in imports during the coronavirus lockdown has left India awash with dollars. Now a further influx of greenbacks is expected as an embryonic economic recovery draws investors back. To banks, this means one thing: The local is a sitting duck for appreciation against a weakening dollar.

Policy makers won’t want a stronger to become a one-way bet, but the market doesn’t believe them to have many other options. What the authorities have done so far — scoop up the dollars by giving banks rupees — has left the financial system swimming in money and threatens to fuel that’s already above the central bank’s target. It’s a mirror image of China, where a spate of corporate defaults has squeezed interbank liquidity.

While China’s recovery from the pandemic has made it the first major economy to consider exiting emergency economic measures, in India, monetary stimulus is still very much the only game in town. If the Reserve Bank doubles down on its generosity in 2021, the country’s red-hot equity markets could get dangerously overvalued. Conversely, if the RBI pulls back on liquidity — before the complicated task of distributing vaccines to

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