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Rs 786 cr textile unit coming up in Karnataka’s Chamarajnagar

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textile unit

Bengaluru, July 23 (IANS) Karnataka Heavy Industries Minister K.J. George on Monday said the state government would assist Sutlej Textiles Ltd in setting up its unit in Chamarajanagar district at a cost of Rs 786 crore.

The textile making unit is being set up at Badanaguppe and Kallambahalli villages of Chamarajanagar district, about 180 km southwest of Bengaluru.

“The new unit is one among the many new units coming up in the district as a result of the state government’s development policies,” George told reporters here.

The minister, who is also in-charge of the Sugar, Information Technology and Biotechnology (IT & BT) and Science and Technology portfolios, visited the industrial estate being set up by the Karnataka Industrial Area Development Board.

The estate will be spread over 1,460 acres of land.

The minister said the single window clearance committee headed by Deputy Commissioner of the district B.B. Cauvery has also approved 94 projects with Rs 162 crore combined investment in the southwest district to enable its development and create jobs for the youth.

The minister said Sutlej would make sportswear in the 46 acres of land allotted to it.

The company will offer jobs to about 1,800 skilled youth, George said, promising the state’s help for its early commissioning.

“The state government is keen to encourage the industrial development of Chamarajanagar district as several of its regions are considered backward and do not have major industrial enterprises except granite and sugar factories,” he said.

The state’s Industrial Policy 2014-19 allows a subsidy of 20-25 per cent to A industries being set up in the regions classified as “backward”.

Entrepreneurs belonging to Scheduled Castes, Scheduled Tribes, backward classes get an additional five per cent subsidy to set up their businesses in the regions.

Women entrepreneurs, businesspersons with disabilities and those who have served in the armed forces also get an additional five per cent subsidy for setting up their businesses in the backward regions.

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No bail-out for Jet Airways: Suresh Prabhu

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New Delhi, Nov 19 : The Centre on Monday said it would not bail out cash-strapped Jet Airways, stating that it’s the responsibility of the management to implement policies to ensure financial stability and a smooth functioning of the airline.

According to Civil Aviation Minister Suresh Prabhu, the government looks at sector-specific issues in the current deregulated policy environment.

Prabhu was answering questions on a possible bail-out package for the private airline at the launch event of the upgraded version of “AirSewa 2.0 web portal and mobile app” here.

Civil Aviation Secretary R. N. Choubey said the airline wanted some time to pay charges levied by airport operators.

Choubey said the issue had to be sorted out between the airline and airport operators and that the ministry has no role in such commercial deliberations.

Currently, the airline is facing financial troubles due to an increase in jet fuel prices, a weaker rupee, and low fares.

On November 16, Tata Sons, the holding company of the Tata Group firms, said discussions on acquiring a stake in the financially-troubled airline were at a preliminary stage.

On Air India’s financial woes, Choubey said the airline was being given support from “time to time”.

He further said that the airline’s performance was being monitored.

Last month in Hyderabad, the secretary had said that a revival package for the debt-ridden national carrier had nearly been finalised and that the government was providing all support to Air India to ensure that it remained a viable entity.

On August 7, Parliament had approved the gross additional expenditure of Rs 980 crore for equity infusion into the heavily indebted airline.

(IANS)

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RBI to pump liquidity worth Rs 8,000 cr on Nov 22

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RBI Governor Urjit Patel

Mumbai, Nov 19 : The Reserve Bank of India (RBI) would inject Rs 8,000 crore into the market by purchasing government securities on November 22, 2018.

The decision comes amid concerns of a liquidity crisis in the economy after the financial services company IL&FS reported defaults in September.

“Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of…

“Government securities under Open Market Operations for an aggregate amount of Rs 80 billion on November 22, 2018 through multi-security auction using the multiple price method,” the RBI said in a statement on Monday.

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Sensex jumps amid bets of RBI-government truce

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Sensex equity Nifty

Mumbai, Nov 19: Key equity indices jumped amid bets the government and the Reserve Bank of India will bury their differences at a crucial central bank board meeting on Monday.

Subdued global oil prices, and foreign fund inflows amid a stable domestic currency also burnished the appeal of stocks.

The government has been demanding that the RBI make liquidity available, especially to the shadow banks after a series of defaults by the Infrastructure Leasing & Financial Services (IL&FS) triggered a scare and precipitated a credit crunch.

The Centre has also reportedly demanded that the RBI hand over a significant chunk of its reserves, which was subsequently denied by the Union Finance Ministry as “misinformed speculation”.

RBI Deputy Governor Viral Acharya had warned of economic consequences if the central bank’s autonomy was encroached upon.

Interest-rate sensitive stocks like banking, automobile and capital goods rose, while the oil and gas sector came under pressure.

The S&P BSE Sensex settled up 317.72 points or 0.90 per cent at 35,774.88, from its previous close of 35,457.16 points.

NSE’s Nifty50 gained 81.20 points or 0.76 per cent to finish at 10,763.40.

IANS

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