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PM opens ₹20,000-cr fund tap for parched Bundelkhand
After a slew of industrialists, including Mukesh Ambani, Kumara Mangalm Birla and Gautam Adani, announced their intention of investing crores in Uttar Pradesh, Prime Minister Narendra Modi followed suit with a big ticket announcement from the Central government side.
Addressing the UP Investors Summit 2018 in Lucknow, he announced the creation of a defence industrial corridor in Bundelkhand which he said aligned with the promise made by the State Chief Minister Yogi Adityanath to develop an expressway in the region.
Reminding the gathering about the Budget announcement of two defence industrial corridors, he said, “One of the two defence industrial corridors mentioned in the Budget will be in the Bundelkhand region of the State.”
He said it would generate an investment of ₹20,000 crore and create employment for 2.5 lakh people.
He said the corridor would link Agra, Aligarh, Jhansi and Chitrakoot belts opening up development in the State.
EPFO lowers interest rate to 8.55% for FY18
The Employees’ Provident Fund Organisation on Wednesday declared an 8.55 per cent interest rate for financial year 2017-2018. The new rate is marginally lower than the 8.65 per cent interest offered for the financial year 2016-2017.
India at 81st rank in global corruption perception index
India has been ranked 81st in the global corruption perception index for 2017, released by Transparency International, which named the country among the “worst offenders” in terms of graft and press freedom in the Asia Pacific region.
The index, which ranks 180 countries and territories by their perceived levels of public sector corruption, placed India at the 81st place. In the 2016 India was in the 79th place among 176 countries. The index uses a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean. India’s score in the latest ranking, however, remained unchanged at 40. In 2015, the score was 38.
Glenmark ties up with S. Korea’s SCD for ophthalmic products
Glenmark Pharmaceuticals has entered into an exclusive agreement with South Korea’s Sam Chun Dang Pharm Co Ltd (SCD) to develop, manufacture and market a portfolio of ophthalmic products in the US and Canada.
“Under this agreement, these products will be developed and manufactured by SCD in South Korea. Glenmark will seek all market authorisations and commercialise the products in North America
Wipro to set up Rs 220-cr personal care products plant in Telangana
The Wipro Consumer Care products division will invest Rs 220 crore to set up a manufacturing facility at Maheshwaram in Rangareddy district. Coming up on 40 acres, the facility will manufacture toilet soaps and other personal care products. It is likely to provide 300 direct jobs and about 200 indirect jobs.
The decision was announced after Telangana Minister for IT and Industries K. T. Rama Rao met Rishad Premji, a Director of Wipro Enterprises, in Hyderabad on the sidelines of the Nasscom India Leadership Forum.
RInfra bags Rs 3,647-cr Uppur thermal power project
Reliance Infrastructure has won a Rs 3,647-crore contract from Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO) for work related to Uppur thermal power project.
“RInfra has won a prestigious engineering, procurement and construction (EPC) contract for Rs 3,647 crore from TANGEDCO for balance of plant (BoP) package and allied civil works for 2 x 800 MW supercritical coal-based Uppur Thermal Power Project at Ramanathapuram District in Tamil Nadu
Bharat Dynamics, IREDA get SEBI nod for IPO
Bharat Dynamics and Indian Renewable Energy Development Agency (IREDA) have received SEBI nod for IPO.
As per the markets watchdog latest update, Bharat Dynamics and IREDA had received ‘observations’ from the Securities and Exchange Board of India (SEBI)
BSE enters into pact with SOPA
The Bombay Stock Exchange and Soyabean Processors Association of India have entered into a MoU to enable value chain participants manage price risk in a better manner at the soyabean oil complex.
The tie-up will be beneficial for launching products like soyabean, soyaoil and soyameal futures trading on the BSE in future
Uttar Pradesh Government Signs Pact With Amazon India For Khadi Products Sale
Uttar Pradesh’s Khadi and Village Industries Board signed a pact with Amazon India to facilitate online selling of Khadi products. As part of a MoU, Amazon India will educate, train and enable rural khadi artisans to directly sell their products to Amazon.in customers across the country under the brand of UP Khadi.
Capital First Gets NHB Nod For Merger With IDFC Bank
Capital First announced that the regulator National Housing Bank (NHB) approved the merger of the company along with Capital Home Finance and Capital First Securities Limited with IDFC Bank. The amalgamation is subject to the receipt of approval from the Reserve Bank of India and other statutory and regulatory approvals. The share swap ratio for the merger is fixed at 139:10, meaning IDFC Bank will issue 139 shares for every 10 shares of Capital First. The merger is likely to be completed in the next two-three quarters.
Telangana, Taiwan Sign MoU For Better Technology Partnership
The Telangana Government signed an MOU with Taoyuan City of Taiwan for better technology partnership in the state. The agreement was signed after the World Congress on Information Technology (WCIT) 2018 in Hyderabad. IT Minister K T Rama Rao and principal secretary Jayesh Ranjan signed the agreement with Robert Huang, Director of the Board of Taiwan company at World IT Congress 2018.
Google Launches Google Pay To Take On Apple Pay
Google combined its two payment services, Google Wallet and Android Pay, into a new app called Google Pay. The platform includes features like the ability to pay at checkout counters with a smartphone or pay for public transportation.
Union Government Sets Up The NITI Forum For Northeast
The Union Government issued orders setting up the Niti Forum for North-‘East’. The forum will be co-chaired by the Vice-Chairman of NITI Aayog Mr. Rajiv Kumar and Minister of State (I/C), Ministry of Development of Northeastern Region (DoNER), Dr. Jitendra Singh. The forum will have its Secretariat in the Ministry of DoNER. The NITI Forum for Northeast is tasked to identify various constraints on the way of accelerated, inclusive and sustainable economic growth in the North East Region of the country and to recommend suitable interventions for addressing identified constraints.
SOURCE- BusinessLine , The Hindu ,The Indian Express