What's new

Indian Economy-News & Updates

How is the plan?

  • Good

    Votes: 161 61.7%
  • Average

    Votes: 53 20.3%
  • Poor

    Votes: 47 18.0%

  • Total voters
    261
Essar to set up 2 LNG ports in 18 months, invest USD 500 million
Ruias-owned Essar Ports is looking to invest around USD 500 million or over Rs 2,500 crore to set up one liquefied natural gas (LNG) terminal each on the western and eastern coasts in the next 18 months, a top company official said.

"Total investment in the first phase could be in the region of about USD 500 million," Rajiv Agarwal, managing director and chief executive of Essar Ports, told PTI at a company-run facility here.

He said the company is looking at a cluster of small ports which will be closer to potential customers, adding that Hazira and Salaya, where it already operates ports, could be the sites where it can set up the LNG terminals.

"We are already working on it (LNG terminals) and in the next one to one and half years, we should have something started. One on west coast and one east coast could come within that period," Agarwal said.

Typically, each terminal will cost between USD 150-300 million, depending on the amount of work to be carried out, he said, adding that the capacity will range between 2.5-5 million tonnes.

When asked if its existing concession agreements to operate ports allow for adding LNG terminals, he said certain approvals are needed from nodal agencies like the Gujarat Maritime Board.

It can be noted that the government is promoting LNG as an alternative fuel to reduce pollution.

On the finance front, Agarwal said the company will tie up with banks and also also put in its own resources as equity.

Essar Ports, which delisted in late 2015, will close 2017-18 with a pre-tax profit of about Rs 1,000 crore and is targeting to take it up to Rs 1,300 crore with the commissioning of new facilities, he said.

The total debt of the company stands at about Rs 3,000 crore, Agarwal said, adding that it is "very comfortable" on the debt to EBITDA ratio as compared to peers in the infrastructure building space.

The company is targeting to handle 50 million tonnes of cargo in FY18 and 35 per cent of it will be third party shipments, he said.

In the next two-three years, the company wants the Essar group companies' and third party cargo at 50 per cent each, he added.

It started the fiscal with a capacity of 82 million tonnes which will go up to 110 million tonnes.

The capacity addition will include 13 million tonnes addition at Visakhapatnam by November, where it operates an iron ore exporting berth, at an investment of Rs 830 crore.

It also expects to add 20 million tonnes capacity at its port at Salaya by end of the year, Agarwal said.

Concurring with peers, Agarwal said there is excess capacity across the country at present due to a decline in trade and added that the company is not bidding for any new assets.

It has, however, bid to operate the part of Chabahar Port in Iran which is being developed by the government, along with four other bidders, he said.
http://www.deccanchronicle.com/busi...orts-in-18-months-invest-usd-500-million.html
 
Govt to set up 5 scrap-based steel plants, invest Rs 500 cr
The government is planning to set up five scrap-based steel plants at an investment of Rs 500 crore within a year to ensure that a chunk of the countrys targeted 300 million tonne steel output is met through scrap. India's target is to more than double the steel output by 2030, from 10 MT at present.

"...from 126 MT (million tonnes) to 300 MT (of steel output) that we are eyeing, in that everything will not come from the fresh iron. So it will be coming from the scrap," Steel Secretary Aruna Sharma told PTI. "Within one year all the five (scrap-based) plants will come," she said, adding that in each plant around Rs 100 crore would be invested.

Stressing that all the scrap will be reused to make steel, Sharma said that by 2030 around 30-40 million tonnes of steel would be made from scrap.

Stating that the first such plant would come up next month in Noida, Uttar Pradesh, she said, "after Noida we will start in Southern India, then in Western India, Central India then one more in Northern India". State-run metal scrap trading firm MSTC has signed a joint venture (JV) agreement with Mahindra Intertrade for setting up the first such plant. "As of now the JV is between MSTC and Mahindra.

Hyundai has shown interest for Southern India. So they will also join the same group. What we are saying is that it is MSTC Mahindra JV (and) anybody can join them," Sharma said. Mahindra Intertrade is a part of Mahindra Partners Division of the USD 17.8 billion diversified Mahindra Group, while the mini-ratna public sector undertaking (PSU) is engaged in the export of ferrous scrap.

The countrys annual scrap requirement is 5-6 million tonnes, which at present is done through imports. The government had earlier said that the scrap?based steel plants which are environment?friendly, energy?efficient and cost effective would be on the lines of melt and manufacture steel technology used in the US.
http://www.businesstoday.in/sectors...eel-plants-invest-rs-500-cr/story/260873.html
 
Surprise: Kotak Mahindra Bank emerges 2nd only to HDFC Bank; ICICI Bank pushed to 3rd
Kotak Mahindra Bank (KMB)’s market capitalisation is nudging Rs 2 lakh crore. On Wednesday, the private sector lender’s market cap stood at Rs 1.95 lakh crore while ICICI bank’s m-cap was Rs 1.86 lakh crore. KMB is the country’s second-most valued private lender after HDFC Bank, which commands a market cap of Rs 4.77 lakh crore. Shares of KMB closed Wednesday’s session 0.87 % lower at Rs 1,025.45 on BSE. The stock is up 42.6 % so far in 2017, while the return over one month is 5.58 %. the bank recently raised Rs 5,806 crore through a placement of shares at Rs 936 per share. ICICI Bank’s market cap had hit Rs 1.95 lakh crore on July, 25 but since then the stock has lost close to 4.5 %. While Axis Bank is valued at Rs 1.24 lakh crore, Indusind Bank is valued at Rs 1.03 lakh crore, respectively.

cats-325.jpg


KMB reported a consolidated profit after tax (PAT) in Q1 FY18 of Rs 1,347 crore. The lender posted profits for FY17 of Rs 3,411 crore. The lender is strongly capitalised with a Tier I capital of 18.8% and the total assets at the end of June were Rs 2.9 lakh crore.”KMB’s deposit franchise is growing strongly, providing a base for faster growth,” JP Morgan said in a report. Kotak Mahindra Prime, bank’s car finance company reported robust loan growth of 25% y-o-y in 1QFY18.
http://www.financialexpress.com/ind...to-hdfc-bank-icici-bank-pushed-to-3rd/863888/
 
Alitalia to restart India flights after a decade, Delhi-Rome daily from October 30
Indians will soon have more flight choices to the west, particularly Europe, with greater capacity on these routes driving fares lower. Financially challenged Italian airline litalia will restart flights to India after almost a decade. It will have a daily direct flights between Delhi and Rome from October 30 and offer three classes of travel — business, premium economy and economy.

Alitalia did not comment on its India plans, like will it expand operations to other cities here, despite repeated attempts.

The Italian airline "last flew from India in March 2008. They had six flights on the Mumbai-Milan sector and six flights on the Delhi-Milan sector — a total of 12 flights per week. It stopped flying India routes because of losses," said a senior official of a top Indian travel agency.

Cox & Kings' head (business travel) John Nair said: "The increase in direct connectivity between India and Europe is a boon for leisure and business travellers as this would reduce time spent on layovers and lead to an increase in demand for destinations across Europe. We are seeing a significant addition in connectivity between India and European points and this will also boost two-way tourism. Finally, this will also soften the air fares."

Alitalia is now an Etihad "airways partner" as the Abu Dhabi-based carrier had put money in it three years back and now is its single largest investor with 49% stake in Italian airline. Italy is examining how this airline can survive — similar to India looking at all possible options for Air India. Alitalia was privatized in 2008 and was state-owned till then like AI currently is.

The Etihad website describes Alitalia as "Italy's largest airline. With over 120 aircraft flying to Italy's largest cities and major international hubs.... in Italy, Europe, the Americas, North Africa and Asia." "From Abu Dhabi, fly to 20 cities in Italy and 48 destinations in Europe with a one-stop connection," the Etihad website says. Etihad has 24% stake in Jet and the Naresh Goyal carrier has several flights between India and Abu Dhabi.
Air India also has direct flights between Delhi and Italy. With Alitalia also restarting flights, the choice is all set to grow for Indian travellers.
http://timesofindia.indiatimes.com/...-october-30/articleshow/60803547.cms?from=mdr

First phase of Navi Mumbai airport will commence by 2019 end, says Maharashtra CM Devendra Fadnavis
Stating that the first phase of the much-delayed Navi Mumbai airport project will “commence” by December 2019, Maharashtra Chief Minister Devendra Fadnavis today said his government would issue a letter of intent (LoI) as awarding the contract is a “matter of time” now. He also said the pre-developmental works for the ambitious project will be completed by May next year. The CM’s statement assumes significance as award of the LoI is considered as an important step in taking the project forward, which is dogged by inordinate delays since its conception in 1997.
Infrastructure major GVK group had bagged the financial bid to build and operate the second international airport in the Mumbai metropolitan region at an investment of Rs 16,000 crore earlier this year, beating rival GMR group.

However, the project couldn’t make any progress as the state government has not yet approved and finalised the finance deal won by the GVK. Once the government gives its nod, a letter of award will be given to the contractor, after which a special purpose vehicle (SPV) can be set up to execute the project. “There are two phases of of Navi Mumbai airport. One phase is the pre-works in which you have to level the land, cut a hill and you have to change the course of the river. So these are the predevelopment works which we have awarded the contract and they have already started the work.

“So possibly the site with the pre-development works will be ready by May next year. The concessionaire for (the airport) is also nearly shortlisted. It is a matter of time that we will award the contract. We will issue the letter of intent to the concessionaire and what is intended is that the first phase of the Navi Mumbai airport should commence by December 2019,” Fadnavis told reporters on the sidelines of “ISB rpt ISB Leadership Summit” organised by the Indian School of Business here. The project has faced inordinate delays over the issues of environment and land acquisition since the state government approved it in 2007.

The project will be carried out on a public-private partnership (PPP) model and Cidco (City and Industry Development Corporation), a government authority for city planning, will incur pre-development work costs, which it will be later recovered from GVK. Interestingly, a CAPA Global Strategy Report for July-August, 2017, had recently stated that the airport is unlikely to commence operations before March 2024, as significant earthworks need to be performed at the site, located in Raigad district adjoining Mumbai. Meanwhile, replying to a query, Fadnavis said his government had requested the Centre to differentiate between smaller and bigger states in allotting the “ease of doing business” ranking.

“What we have requested the DIPP (Department of Industrial Policy and Promotion) is to slightly differentiate between the large states and the small states. Having said that, we will aim that we should be a leading state (in the ranking). That we will achieve this year,” the CM said. He said the new GST (Goods and Services Tax) regime could have some hiccups initially, but his government is capable of achieving the targets. On the recent torrential rains that led to flooding of roads in Mumbai, the chief minister said the pumping network to flush out water into sea has begun and 60 per cent of the work has been completed.

He refused to take questions on the Shiv Sena, the belligerent partner of the ruling BJP which has recently indicated to pull out of the coalition government. Earlier in his address to ISB students, Fadnavis underlined the need to shift people from agriculture to other sectors, as 50 per cent of people in Maharashtra are dependent on agriculture.

“Agriculture does not have the capacity to consume (to sustain) 50 per cent of people. We need to shift 15 to 20 per cent of people to other sectors of economy..to service sector…to industries sector, and we have started doing that,” he said. Fadnavis said Maharashtra registered a 15.5 per cent growth in agriculture, which was on a downward spiral, after he took over as chief minister three years ago.
http://www.financialexpress.com/ind...says-maharashtra-cm-devendra-fadnavis/868003/
 
Ministry of Railways
28-September, 2017 14:50 IST
Indian Railways to Launch 100 New Suburban Rail Services In Mumbai area.

With these additional services, the total suburban local train services in Mumbai of Western Railway and Central Railway put together will increase from existing 2983 services to 3083 suburban services.

Introduction of these new suburban services will benefit 77 lakh commuters travelling daily over Mumbai suburban network by reducing congestion and providing faster commute.

In a major boost to suburban rail services in Mumbai area, Indian Railways is introducing one hundred additional local train services on its Mumbai suburban network of Western Railway and Central Railway zones. With these additional services, the total suburban services in Mumbai of Western Railway and Central Railway put together will increase from existing 2983 services to 3083 suburban services.

These services will be launched tomorrow i.e. 29th September 2017 in a grand programme to be held in Mumbai by Minister of Railways & Coal, Shri Piyush Goyal in the presence of several dignitaries.

Out of these 100 services, thirty two new services will be introduced on Western Railway while sixty eight services will be introduced on Central Railway.

On Western Railway’, seventeen services will be introduced from 1st October, 2017 in ‘up’ direction and fifteen services will be introduced in ‘down’ direction from 1st October, 2017. In all, thirty two new services will be introduced in Western Railway. Western Railway presently runs 1323 sub-urban services. After addition of these services, the total sub-urban services on Western Railway will reach upto 1355.

On Central Railway’, fourteen suburban services will be introduced on ‘harbour line’ from 2nd October, 2017, fourteen suburban services will be introduced on ‘trans-harbour line’ from 2nd October, 2017, sixteen suburban services on ‘main line’ will be introduced from 1st November, 2017 and twenty four suburban services on ‘harbour’ and ‘trans-harbour lines’ will be introduced from 31st January, 2018. In all, sixty eight services will be introduced in Central Railway. Central Railway presently runs 1660 sub-urban services. After addition of these services, the total sub-urban services on Central Railway will reach upto 1728.

Introduction of these new suburban services will benefit 77 lakh commuters travelling daily over Mumbai suburban network by reducing congestion and providing faster commute.

*****

Ministry of Railways
28-September, 2017 14:18 IST
Shri Piyush Goyal, Minister of Railways announces key decisions for Transformation of Indian Railways

Inspired by Prime Minister Shri Narendra Modi’s goal of making Railways the engine that fuels our vikasyatra (development journey) towards New India, Minister of Railways, Shri Piyush Goyal announced various decisions taken by Ministry of Railways for Transformation of Indian Railways today i.e.28th September, 2017 in Rail Bhavan. Minister of State for Communication (I/c) & Minister of State for Railways, Shri Manoj Sinha was also present on the occasion. Chairman, Railway Board, Shri Ashwani Lohani and all board members were present on the occasion.


Minister of Railways, Shri Piyush Goyal said, “Railways is committed to ensuring high standards of safety, speed and service for Indian consumers and also ensuring contribution to national development. In the past one month, Indian Railways has taken significant transformative steps to ensure this goal.”


Several decisions announced by the Minister of Railways, Shri Piyush Goyal are as under

Highest priority to passenger safety

● Overriding and perceptible priority to safety

● Priority to track renewal over new lines/gauge conversion/ in allotment of rails

● Tremendous stress on field inspections by officers

● Overriding priority for granting maintenance blocks

● Eliminating remaining 5,000 unmanned level crossings in a time-bound manner

● Shift to LHB coaches from ICF coaches by next year

● Provision of CCTV cameras in coaches and stations for enhanced security especially benefitting women and senior citizens

● Ramping up electronic interlocking of signals in place of manual interlocking

● Revamping the existing signalling system - use of TPWS (Train Protection & Warning System)and MTRC (Mobile Train Radio Communication). Also considering modern signalling systems for suburban and long distance trains

● Using technology like ultra sonic frequency detection, cameras for detecting defects etc.

● All RPF staff and TTEs to be in proper uniform while on duty to bring in transparency

● RPF staff will not check tickets, which is the function of TTEs. They shall however assist ticket checking squads.

Transforming through technology

● Stress on extensive use of mobile apps for monitoring and passenger services

● All stations and trains to have high speed wi-fi connectivity

● Proposed to increase speed of around 700 trains with effect from 1st November 2017. 48 trains are being converted from Mail express to the Superfast category

● Expediting the project for GPS based real time monitoring of train movement

● Expediting satellite based mapping of all Railway assets through ISRO

Energy efficiency

● Completion of electrification by the next 4-5 years. This will lead to savings in energy costs of over Rs. 10,000 cr while reducing pollution and dependence on imported diesel

● 100% LED lighting and energy efficient appliances like fans, ACs etc. to be introduced in in trains, stations, office buildings and residential colonies in a time bound manner

Faster Redevelopment of stations

● About 20 stations will be modernised in an expedited manner with superior infrastructure and passenger facilities including hotels, eateries, shopping, disabled friendly, multimodal transport hub, security etc. by December 2018

● Identifying additional stations and trying to create a self-financing business model like reassessing tenure of contract, access control and freedom to sublease etc.

Railway Stations as Multi-utility centres

● Many stations that receive very few trains in a day are proposed to be used as Multi-utility centres for activities like yoga centres, skilling, educational purposes etc.

Upgrading health and education facilities

● In addition, schools and hospitals operated by Indian Railways will be improved with infrastructure facilities, which will benefit not only railway employees but also other people

Human resources

● Tremendous stress is being laid on welfare of human resources

● Grievance Redressal Camps are being organised regularly. Grievance Redressal Cells are being set up in every Zonal/divisional headquarters for hearing employee complaints

● Extensive delegation of powers is being done

● Process reforms to improve the efficiency of the system is being taken up in an aggressive manner

● Reduction in number of organisational layers is being analysed

● Posting of brilliant and enthusiastic officers as Station Directors at 75 A1 Class Stations to bring dynamism in operations

● Posting additional ADRMs to strengthen divisional work by reallocation from headquarters

Focus on welfare of field staff

● Improving overall working conditions of Group D category staff. For example, gang-men, who are responsible to ensuring track safety, and who have to walk around 15-16 kms on an average in a particular day will be provided with comfortable uniforms and better quality shoes. Their living quarters (Gang huts) too will be improved

● Running rooms of loco drivers are being air conditioned

Enhancing Railway Revenue through monetisation of assets

● Monetisation of railway assets will improve finances and the operating ratio, freeing up resources for critical railway projects. This will be done by making land monetisation attractive by changing various rules and regulations

These improvements will help the lifeline of our nation to flourish as well as contribute more to our economic and social development. The transformation of the Indian Railways is well under way to ensure it is not just the compulsion of the people but the choice of the people.

****

AKS/MKV/ENS
 
Ministry of Railways
30-September, 2017 17:09 IST
High-Level Meeting on Railways Safety was Held in Mumbai

Various Major Decisions were Taken Regarding

Rail Safety by Hon’ble Minister of Railways

A high-level meeting on Railways Safety was held in Mumbai today, under the chairmanship of Hon’ble Minister of Railways, Shri Piyush Goyal to comprehensively review Safety measures in Mumbai Suburban Railways as well as entire Indian Railways. This meeting was held at WR headquarter’s at Churchgate on 30th September,2017.

Various major decisions were taken in the meeting, wherein passenger safety has been accorded the highest priority. Accordingly, several important decisions were taken to empower Railway officers to take strong measures to improve passenger safety and security. Some of the points are outlined herewith :

• Foot Over Bridges (FOBs), platforms and pathways on platform end to be treated as Safety items having highest priority with no restriction of budget. Earlier only the first FOB at a station was considered as essential and subsequent as passenger amenity.

• For next 18 months, General Managers of Railway zones have been delegated powers without limit for Safety related issues. They shall intimate Financial Commissioner (FC) within a week of sanction for provision, and FC shall confirm the same within 15 days. In case of disagreement, the matter shall be put up to the Railway Board for final decision within the same 15 days.

• Additional Escalators sanctioned at stations of the Mumbai Suburban system having high footfall with the details to be finalised within 15 days. Similar exercise will be carried out for all high use stations all over India.

• 200 officers to be relocated from Head Quarters as in field to strengthen ground operations and project implementation.

• Brilliant & enthusiastic Station Directors are being posted at 75 stations all over India to bring dynamism in operations.

• Within the next 15 months, CCTV cameras will be installed in all suburban trains in Mumbai with monitoring mechanism. This shall be done in parallel across India as well.

• Delegation of financial & administration powers to field units by October 2017 to reduce red tape and push development & delivery.

These steps will lead to improvement in the functioning and operations of railways to ensure improvement in the standards of safety.

Shri Ashwani Lohani - Chairman, Railway Board and all railway board members were present in this meeting along with Shri A. K. Gupta-General Manager of Western Railway and Shri D. K. Sharma-General Manager of Central Railway and security officials of the state govt.

*****
 
http://www.thehindu.com/news/nation...at-stations/article19777306.ece?homepage=true


Elphinstone Road stampede: CCTV cameras in all Mumbai suburban trains within 15 months, says Piyush Goyal

A day after a stampede at Mumbai’s Elphinstone Road railway station killed 23 people, Railway Minister Piyush Goyal called a meeting of the Railway Board to take decisions in a bid to ease passenger congestion at railway stations across the country.

The Indian Railways decided to amend “a 150-year-old convention” to deem construction of foot overbridges mandatory at railway stations, instead of treating it as a “passenger amenity,” Mr. Goyal wrote on Twitter, after holding a top-level meeting in Mumbai on Saturday.

General Managers of all railway zones have been empowered to spend funds on safety and additional escalators will be sanctioned in a phased manner – first at crowded Mumbai suburban stations and later at all high-traffic stations.

“Two hundred officers to be relocated from headquarters as field staff to strengthen ground operations and project implementation. Within the next 15 months, CCTV cameras in all suburban trains in Mumbai with monitoring mechanism. Parallel work across India,” Mr. Goyal wrote.

The Railway Ministry issued a statement in the morning stating the ‘facts on stampede at Mumbai’s railway station.’ “It seems that due to sudden thundershower type rains, a stampede-like situation arose on the north side foot overbridge connecting Elphinstone Road and Parel stations at about 10.30 am, wherein 32 persons have been injured while 22 casualties have been confirmed in this unfortunate incident (till Friday),” it said.

The Ministry clarified that there was no structural damage to the foot overbridge due to the stampede. It said Western Railway carries out a detailed safety audit of all steel structures, including foot overbridges, at least twice a year.

“A new 12-metres long foot overbridge at the north-end parallel to this bridge has already been sanctioned connecting Western Railway and Central Railway along with East-West connectivity. The platforms at Elphinstone Road station is also planned to be extended along with construction of this foot overbridge,” the statement said.
 
Railway ends 36-year-old VIP protocol offered to Board members
Ending the 36-year-old protocol of Indian Railways, Railway Board has withdrawn the tradition whereby it was mandatory for railway General Managers to be personally present on arrival and departure of Chairman Railway Board and other railway board members during visits to zonal railways.

The decision by Chairman Railway Board Ashwani Lohani is a move to end the VIP culture in railways and bring working culture.

The instructions and guidelines issued to the railways regarding protocol to be observed at the airport and railway stations during the visits of Chairman Railway Board and other board members stand withdrawn with immediate effect,” said the directive issued on September 28.

Several directives issued since 1981 had emphasized that the practice of GMs be present in person during arrivals and departure of railway board members and Chairman be rigidly followed as it provides an opportunity for personal discussion on an important matter pertaining to railways.

“We will change VIP culture and bring working culture in Indian Railways,” Lohani had said after taking over on August 25.

He had also insisted that he dislikes unnecessary protocols and doesn’t want entire branch office to be present to meet him or senior officials during the visit to zonal railways or Public sector undertakings. Also on the list was cutting down unnecessary expenditure, especially on frills such as bouquets.

Lohani during interactions with railway staff had emphasized on the need to ensure transparency in work and warned that corruption will not be tolerated at any level. He also spoke at length about how railway officials should move around in the field.

During his tenure as CMD Air India, he had scrapped privilege provided to airline staff and directed the staff to carry their hand baggage on their own and not use porters as has been the practice so far.
http://www.newindianexpress.com/nat...ocol-offered-to-board-members-1664954--1.html

Concrete blocks placed on railway tracks; accident averted
A possible rail accident was averted after the driver of a goods train alerted railway officials about concrete blocks being placed on the tracks near Kandari village in the district, police said today.


Concrete blocks were placed by unidentified persons on tracks on the both up and down routes near Kandari village in Karjan tehsil last evening, sub-inspector of Karjan police station, K M Rawal said. At around 7:40 pm, the train hit some stones and the driver felt a strong jerk and the stones broke into pieces, said senior divisional security commissioner, Vadodara (Western Railway), Hemant Kumar.


The driver then informed officials at the Kashipura railway station. It was later found that six hexagonal concrete blocks, three each on the two tracks, were placed by unidentified persons, which could have caused a major accident, Kumar said. A case has been registered by the local police and it has launched a probe.


The blocks were placed with a malafide intention to cause an accident, Kumar said, adding that the railway officials acted promptly and averted a possible mishap. He said the concrete blocks were carried to the tracks from a nearby railway gate, which was unmanned after 7 pm.

http://indianexpress.com/article/in...d-on-railway-tracks-accident-averted-4868875/

Indian Railways orders compulsory foot overbridges, more escalators at stations
A day after a stampede at Mumbai’s Elphinstone Road railway station killed 23 people, Railway Minister Piyush Goyal called a meeting of the Railway Board to take decisions in a bid to ease passenger congestion at railway stations across the country.

The Indian Railways decided to amend “a 150-year-old convention” to deem construction of foot overbridges mandatory at railway stations, instead of treating it as a “passenger amenity,” Mr. Goyal wrote on Twitter, after holding a top-level meeting in Mumbai on Saturday.

General Managers of all railway zones have been empowered to spend funds on safety and additional escalators will be sanctioned in a phased manner – first at crowded Mumbai suburban stations and later at all high-traffic stations.

Two hundred officers to be relocated from headquarters as field staff to strengthen ground operations and project implementation. Within the next 15 months, CCTV cameras in all suburban trains in Mumbai with monitoring mechanism. Parallel work across India,” Mr. Goyal wrote.

The Railway Ministry issued a statement in the morning stating the ‘facts on stampede at Mumbai’s railway station.’ “It seems that due to sudden thundershower type rains, a stampede-like situation arose on the north side foot overbridge connecting Elphinstone Road and Parel stations at about 10.30 am, wherein 32 persons have been injured while 22 casualties have been confirmed in this unfortunate incident (till Friday),” it said.

The Ministry clarified that there was no structural damage to the foot overbridge due to the stampede. It said Western Railway carries out a detailed safety audit of all steel structures, including foot overbridges, at least twice a year.

“A new 12-metres long foot overbridge at the north-end parallel to this bridge has already been sanctioned connecting Western Railway and Central Railway along with East-West connectivity. The platforms at Elphinstone Road station is also planned to be extended along with construction of this foot overbridge,” the statement said.

http://www.thehindu.com/news/nation...re-escalators-at-stations/article19777306.ece
Finally some good steps being taken.
 
India’s holdings of US govt securities touch $135.7 bn
India has sharply increased its exposure to US government securities with holdings worth USD 135.7 billion at the end of July, official data showed.

Neighbouring China continued to top the charts with holding to the tune of USD 1.166 trillion, followed by Japan with exposure worth USD 1.113 trillion.

In recent months, India has increased its purchase of American government securities and the country is the third largest holder among the BRICS group after China and Brazil (USD 271.9 billion).

At the end of July, Russia held securities worth USD 103.1 billion.

According to the latest data from the US Treasury Department, India’s holding of the securities touched USD 135.7 billion as on July end —— also the highest in a year.

There has been a significant jump in the exposure compared to June when it stood at USD 130.3 billion. Since February this year, India’s holding of these securities has been on the rise.

At the end of January, the exposure was just USD 113.7 billion.

India is the 12th largest holder of US government securities just behind Saudi Arabia whose exposure stood at USD 142.5 billion at the end of July.

Other countries in the top ten are Ireland (USD 310.8 billion) at the third place, followed by Brazil, Cayman Islands (USD 259.2 billion), Switzerland (USD 244.8 billion), United Kingdom (USD 229.7 billion), Luxembourg (USD 213 billion), Hong Kong (USD 199.1 billion) and Taiwan (USD 182.5 billion).

In a recent release, the Treasury Department said foreign residents increased their holdings of long term US securities in July and net purchases stood at USD 5.1 billion.

“Foreign residents increased their holdings of US Treasury bills by USD 3.1 billion. Foreign resident holdings of all dollar—denominated short—term US securities and other custody liabilities increased by USD 7.4 billion,” the release said.
http://www.thehindubusinessline.com...t-securities-touch-1357-bn/article9883213.ece
 
can any body confirm how many contracts or locomotive India buy from abroad.
Two recent contract. One with GE for diesel engine and one with Alstom for electric engine. Details available in this very this thread.
 
Last edited:
@waz @WebMaster @Manticore Please make this sticky thread as all of IR discussion happens in this very thread. Thank you.

Thank you Sir.

Railways to stop pasting charts on trains
The Railways, as part of a Go Green policy, has decided to stop pasting reservation charts on train coaches. It will be implemented on a trial basis for three months.

A senior official of the Chennai division of Southern Railway, said the initiative was a pilot project to keep the coaches neat and clean and to do away with defacing them with materials such as paste. “Passengers whose tickets are confirmed or in the waiting list or last-minute confirmations, are already receiving SMS of the seating arrangements. So there will not be any difficulty in identifying the coaches,” added the official.

The official further said that the measure would also save paper. The trial would be implemented in five cities — Chennai, New Delhi, Kolkata, Mumbai and Bengaluru.

However, a section of train passengers’ associations and consumer activists voiced their displeasure with the concept, fearing that it could cause a lot of confusion.

T. Sadagopan, a consumer activist from Pattabhiram, said that the plan to stop pasting reservation charts would create confusion, especially among senior citizens who may not be tech-savvy. Though the passengers are receiving SMS about the ticket details, the chart is still necessary, he added.

The Indian Railway had in March last year, planned to do away with the reservation charts under the Go Green policy, but had to drop it after negative feedback.
http://www.thehindu.com/news/cities...-pasting-charts-on-trains/article19782190.ece
 
Back
Top Bottom