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Economy | Bengal draws up land acquisition strategy

Economy | Bengal draws up land acquisition strategy
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First Published: Tue, Feb 17 2009. 11 30 PM IST
Updated: Tue, Feb 17 2009. 11 30 PM IST
Purulia: The West Bengal government has drawn a new land acquisition strategy for large industrial projects to minimise hurdles and boost downstream and ancillary units around the mother plant.
The model is being first experimented in Purulia district where three major steel projects of total capacity 7 million tonnes are coming up, with the West Bengal Industrial Development Corporation (WBIDC) deciding to allocate land for industrial parks and not to individual companies.
PTI
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Higher equity exposure in pension plan mooted
New Delhi: An expert panel on Tuesday recommended a new pension scheme for workers in private firms which would have an option to invest the entire amount in an equity index fund.
The panel, headed by HDFC chairman Deepak Parekh, said the other option could include a combination of investment in government bonds, bank deposits, liquid mutual funds, corporate bonds and in an equity index.
The default option would be that the pension fund invests 65 percent in equities, 10 percent in government bonds and rest in corporate bonds, the panel said in a report to the Pension Fund Regulatory and Development Authority (PFRDA).
PFRDA plans to roll out the new pension scheme from April, where all citizens other than government staff could be allowed to invest.
“PFRDA will announce the investment norms before end of this month which will be applicable for all citizens other than government staff,” PFRDA chairman D. Swarup told reporters.
PFRDA has shortlisted six fund managers that are subsidiaries of Reliance Capital, UTI, State Bank of India, IDFC, ICICI Prudential Life Insurance and Kotak Mahindra Bank, for the new scheme.
Reuters
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Govt yet to decide on oil fields for auction: Deora
New Delhi: India has yet to decide on the number of oil and gas areas that will be offered for exploration in the next round of auctions, petroleum minister Murli Deora said on Tuesday.
India will invite bids from overseas companies for the eighth round of auctions, Deora said in the Rajya Sabha in New Delhi.
Bloomberg
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Govt to tighten norms on chemicals in toys
New Delhi: India has set up a panel to prescribe more stringent standards for the permissible level of hazardous substances, including lead, in toys.
The panel will very soon come up with recommendations, minister of state for industry Ashwani Kumar said in Parliament on Tuesday.
The plan to toughen the safety standards comes after a spate of recalls of Chinese-made toys by companies such as Mattel Inc.
India on 23 January banned imports of Chinese-made toys for six months, saying they were a hazard to public health.
Bloomberg
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Govt probes Chinese aluminium imports
Shanghai: The government has started an investigation into aluminium imports from China after shipments increased, a move that could result in safeguard duties, according to the China Nonferrous Metals Industry Association.
“We strongly oppose trade protectionism from India and we advocate a win-win solution through consultation,” the Chinese association wrote in an email on Tuesday.
The Aluminium Association of India requested an investigation into imports of Chinese aluminium sheets, strips and foils, the Chinese industry group said.
The investigation is on the quantity being sold from China to safeguard aluminium foil and flat producers in India, trade secretary G.K. Pillai said in New Delhi.
Bloomberg
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Spic case: SC extends stay on tribunal order
New Delhi: The Supreme Court has continued its stay on the Debt Recovery Appellate Tribunal’s order asking banks to release around Rs13 crore per month to ailing Southern Petrochemicals Industries Corporation (SPIC) to restart the plant operations.
The outstanding debts, according to the lender banks, to date are more than Rs2,800 crore while the valuation of the assets of the ailing company, as done by Ernst and Young, was only Rs1,553 crore.
The tribunal had on 5 March asked the banks to release Rs 8 crore and Rs 5 crore per month to Southern Petrochemicals Industries Corp (SPIC) for operational expenses and restarting the plant, respectively.
PTI
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First Published: Tue, Feb 17 2009. 11 30 PM IST
More Topics: Economy | Bengal | Land acquisition | Pension | Oil |