Tag: development

Naidu asks NBCC to forge more partnerships with States

Naidu asks NBCC to forge more partnerships with States

06/10/2016 17:11

State-run National Buildings Construction Corporation (NBCC) on Thursday presented a dividend Cheque of Rs.108 cr for 2015-16 to minister of urban development M.Venkaiah Naidu.

Complimenting NBCC for sustained increase in turn over and profits over the last few years, Naidu asked the company management to further expand and diversify its business profile by forging partnerships with State Governments and other agencies.

The minister also directed the management to immediately initiate action on seven redevelopment projects in Delhi entailing an investment of about Rs 35,000 cr, recently approved by the Union Cabinet. Naidu discussed in detail the progress of ongoing projects and future initiatives of NBCC.

A.K.Mittal, Chairman and Managing Director of NBCC informed the minister that the company has acquired new project orders for Rs 17,516 cr during 2015-16 and with total work orders of over Rs 70,000 cr, NBCC is the second largest construction company in the country. The company has declared a total dividend of Rs 120 cr for 2015-16 of which the Government’s share was Rs 108 cr.

NBCC has recorded the highest revenue of Rs 5,838 cr during 2015-16, marking an increase of 32 per cent over the previous fiscal.

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India posed for “big leap” in growth: Das

India posed for “big leap” in growth: Das

28/06/2016 16:13

India is posed for a “big leap” in growth which could touch 8 per cent in the current fiscal on the back of normal monsoon, Economic Affairs Secretary Shaktikanta Das said as per the PTI report.

“India today is poised for a big leap in terms of growth. Last year we recorded a growth of 7.6 per cent. This year with the monsoon, which I hope will be normal, I think we are looking at touching 8 per cent,” Das said at a CNBC TV18 event.

In 2015-16, the country’s economy expanded at 7.6 per cent. The Finance Ministry’s Economic Survey had projected a growth rate of 7-7.75 per cent for the current fiscal while RBI has forecast it at 7.6 per cent.

As regards volatility in currency and equity markets on account of Britain’s exit from the European Union (commonly referred to as Brexit), Das said it would continue for sometime, but India is “well placed” to deal with the situation.

In the aftermath of Brexit on Friday, the Indian equity markets had tanked nearly 1,100 points before regaining some ground and closing 605 points, while the rupee had fallen below the Rs 68 mark against the US dollar.

However, the markets have stabilised since then with the BSE Sensex trading around 150 points higher in the afternoon, while the rupee was at 67.87 to a dollar.

Speaking at the event, DIPP Secretary Ramesh Abhishek said the industry ministry asked its finance counterpart to consider raising tax holiday for Start Ups to seven years to encourage budding entrepreneurs.

“The tax benefit which has been given, which is 3 years to 5 years, we have requested the Finance Ministry to make it 7 years,” Abhishek said.

In January, Prime Minister Narendra Modi unveiled a slew of incentives to boost startup businesses, offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus to fund them.

India has the third-largest number of start-ups globally. To boost financing, a 20 per cent tax on capital gains made on investments by entrepreneurs after selling own assets as well as government-recognised venture capitalists is also exempted.