Tata Motors is talking to State Bank of India to get a counter-guarantee for another loan guarantee it is seeking from the British government. The automaker wants the loan for its troubled Jaguar and Land Rover unit.
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NTPC is cutting out the middleman. The power utility plans to import coal directly rather than buy it from the state-run trading company MMTC. The move comes after a controversy over MMTC’s coal imports. More than 80% of NTPC’s installed power generating capacity runs on coal.
Markets fell on Tuesday, after the spike the previous day. The Sensex plummeted 93 points, closing at 15,831 while the Nifty fell 31 points to end trade at 4,681.
The government’s plan to start giving fertilizer subsidies directly to farmers rather than to manufacturers has run into problems. The fertilizer ministry and State Bank of India support the kisan credit card system that identifies farmers who are eligible for subsidies. But the finance ministry and most banks say the system is frequently misused and is unworkable.
The government is proposing big spending to boost the rural economy. It plans to build 1.2 crore low cost homes for the poor as part of the Bharat Nirmaan rural infrastructure programme, which is double the original target… The expansion is part of the second phase of Bharat Nirmaan, which runs till 2014. It will also include connecting 23,000 villages with roads, and electrifying another 40,000.