Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / Policy/  Cabinet clears IT investment region for Hyderabad, hikes DA by 10%
BackBack

Cabinet clears IT investment region for Hyderabad, hikes DA by 10%

The IT region may attract investment worth `2.19 tn; Central govt employees and pensioners will get their allowance at the rate of 90% of the basic

The combined impact on the exchequer on account of allowance hike would be `10,879.60 crore per annum and `7,253.10 crore in the financial year 2013-14. Photo: Mint (Mint)Premium
The combined impact on the exchequer on account of allowance hike would be `10,879.60 crore per annum and `7,253.10 crore in the financial year 2013-14. Photo: Mint
(Mint)

New Delhi: The Cabinet Committee on Economic Affairs (CCEA) on Friday approved the establishment of an information technology (IT) investment region near Hyderabad that is expected to attract investments worth 2.19 trillion, information and broadcasting minister Manish Tewari said.

The Cabinet also cleared a proposal for a 10% increase in dearness allowance (DA) for central government employees and dearness relief (DR) for pensioners. Central government employees and pensioners will get their allowance at the rate of 90% of the basic with effect from 1 July. The combined impact on the exchequer on account of the increase would be 10,879.60 crore per annum and 7,253.10 crore in the financial year 2013-14.

Of the total investments expected in the Hyderabad technology infrastructure park, software and software services companies are expected to invest 1.18 trillion and electronic hardware makers may invest 1.01 trillion. Most of the investments will come from public-private partnerships, the minister said.

The central government has also proposed upgrading three radial roads and extending the metro rail from Falaknuma in Hyderabad to the Rajiv Gandhi International Airport in Shamshabad, Hyderabad, at a total cost of 3,275 crore.

The ministries of road transport and highways, urban development and railways will be initiating a detailed feasibility study for the project.

The cabinet also cleared Hindustan Petroleum Corp. Ltd’s plan to set up a 9 MMTPA greenfield refinery-cum-petrochemical complex in Barmer district of Rajasthan, as a joint venture with the Rajasthan government.

State-owned HPCL will own 74% stake in the venture with 26% held by the government of Rajasthan. The cost of the project is estimated at 37,230 crore. Continuing with its efforts to curb inflation, the Cabinet decided to extend a central government order removing controls on pulses, oil and edible oilseeds under the Essential Commodities Act by a year.

“This decision would enable the state governments to continue to take effective de-hoarding operations under Essential Commodities Act, 1955 by fixing stock limits/licensing requirements etc in respect of pulses, edible oils and edible oilseeds. This will help in the efforts being taken to tackle the problem of rising prices and also improve the availability of these commodities to general public, especially the vulnerable sections," Tewari said.

The draft policy of the National Early Childhood Care and Education has been cleared for setting up of a national council to establish guidelines for the standardization of teaching and learning aids, trained manpower, sanitation and hygiene norms in play schools and day-care centres. The move, which will regulate and monitor quality of care and education provided at play schools and creches across the country, will specify the minimum qualification required for teachers at such centres and that they have to be registered with the government. A grant of 184.43 crore has been approved by the CCEA for Heavy Engineering Corp. Ltd in Ranchi for meeting the capital gains tax liability arising out of implementation of its revival package.

The CCEA also cleared the four laning of National Highway 37 in three sections—Demow to Bogibil (46km), Jorhat to Demow (80 km)and Numaligarh to Jorhat (51 km)—in Assam. The cost is estimated to be 522 crore, 963.21 crore and 644.60, respectively. The projects will expedite improvement of infrastructure in Assam and reduce the time and cost of travel for traffic, particularly heavy traffic in the respective sectors, Tewari said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 20 Sep 2013, 11:05 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App