Indian Economy-News & Updates

[Veeru]

Pawan Ruia buys German automotive fastener firm

The Pawan Ruia Group on Monday announced it had acquired German automotive fasteners manufacturer Acument GmH & Co KG from the bankrupt Acument Global Technologies Inc for an undisclosed amount, incorporating a new company, Ruia Global Fasteners AG (RGF).

Pawan RuiaThis is the fourth overseas acquisition of the Ruia Group, which owns Dunlop India, Falcon Tyres and Jessop Co Ltd in India and acquired two companies in Germany (Gumasol Rubber Tec GmBH and Draftex Automotive,GmBH) and one in the UK (Schlegel Automotive Europe Limited) in the past two years.

The group has acquired four plants in Neuss, Beckingen, Neuwied and Schorzberg and a logistics centre in Koln of Acument Germany, which had gone into insolvency in August 2009 following a decline in German automotive production during the economic crisis.

“This acquisition helps the Ruia Group in its journey toward emerging as a leading player in the auto ancillary segment, with the best OEMs (original equipment makers) on our client roll,” Chairman Pawan K Ruia said. “This is also a move to grab opportunities as the automotive industry is expected to grow five-fold by 2020 in India.” However, Ruia, refused to reveal the price of acquisition.“The deal would be financed from internal accruals and three years' sellers credit,” he said.

The 134-year Acument GmH & Co had a turnover of ¤227 million (Rs 1,100 crore) in 2010 and was expecting to touch the figure this year, too, Ruia said. “Initially, our priority is stabilisation. Probably in two years we will have additional manufacturing units here, too, but there is no question of shifting the operation from Germany,” he said.

Pawan Ruia buys German automotive fastener firm

 

[Veeru]

India to compete with China, Korea in electronic manufacturing

Bangalore, Feb 21 (PTI) After creating a name for itself in software, India is now keen to replicate the story in electronic manufacturing space, taking a leaf or two out from success stories of China and Korea.

The government recognises opportunity of converting India into a global destination for electronic hardware manufacturing, not just for select high investment projects, but for the whole value chain, Joint Secretary in the Department of Information Technology Ajay Kumar today said at India Semiconductor Association''s Vision Summit here.

"The government is in the process of developing various policy initiatives which would help realise this goal in close partnership with the industry, academia and other stakeholders," Kumar said.

The policies are aimed to address "disability cost", which involves power, logistics and disruptions in supply chain management vis-a-vis competing destinations like China and Korea, Kumar said.

He added, "The need is to learn from best practises established elsewhere and build on our own strengths."
Kumar said the government has developed a roadmap for making India a global destination for electronic hardware manufacturing and it is under active consideration of the government.

He said the government is considering to launch a modified special incentive package which, while retaining the targeted financial support in the special incentive package in 2007, would address deficiencies in the existing scheme and try to meet the needs of all types of units in the electronics value chain.

The government is also planning to set up an electronics development fund to promote innovation, research and development, and intellectual property.
Noting that China has a ''China-1000 programme'' intended to bring back into the country top 1000 researchers of Chinese origin working overseas, he said, India also needs to take a similar step by suitable incentives, adding, the government, in fact, proposed to do so.
While India has established its own niche in software and BPO industries, time has come to demonstrate its leadership position by building its own capabilities in IC design, IC fabrication and design and manufacture of electronics products.

According to the assessment of the task force constituted by the Department of IT in 2009, the demand for electronic hardware in India is projected to grow from USD 45 billion in 2009 to USD 400 billion by 2020.

"The global demand is expected to be a mind-boggling USD 2400 billion by this time (by 2020). At the current rate of growth, the domestic production can take us to meet up to a demand of USD 104 billion and the remaining would have to be met by imports", Kumar added.

India to compete with China, Korea in electronic manufacturing -  Business News - News - MSN India

 

[Veeru]

Semicon to get shot in arm

Increase in domestic consumption of electronic items to boost industry

The semiconductor industry in India is expected to get a boost due to the increase in the domestic consumption of electronics hardware. The demand for electronics hardware in India is set to grow from $45 billion (about Rs 2,25,000 crore) in 2009 to $400 billion ( Rs 20,00,000 crore) by 2020, according to industry estimates.

“Electronic system, design and manufacturing can propel the country towards global leadership. India has been the leader in business process and IT outsourcing. Time has come to demonstrate our leadership position by building our own capabilities in integrated circuit (IC) design, IC fabrication and, design and manufacturing of electronics products,” said Ajay Kumar, Joint Secretary, Department of Information Technology (DIT), Government of India.

According to Department of Information Technology, over $2 billion worth of chip designs are being exported from India which is developed by nearly 20,000 Indian professionals.

“We export semiconductor design to global companies and therefore we have a great opportunity to now focus on electronics hardware manufacturing. Another important thing is that because of a vast talent pool, most semiconductor fabricating companies have set up their R&D and design centres in India,” added Kumar.

The DIT is in the process of formulating several major initiatives to build India as a major global producer of electronic products to meet both domestic and export demands. The recommendation in the new Special Investment Package scheme (SIPS) include setting up an electronic development fund to promote innovation, R&D, intellectual property and manufacturing in electronics sector.

It has also recommended introducing new courses in electronic manufacturing so that adequate human resources are available for hardware manufacturing industry.

According to N Seshagiri, founder director general, NIC, Government of India, nano technology can be another growth driver for the electronics industry in the country.

“Nanotechnology is alre-ady helping many sectors including biotech, health-care and energy. But when it comes to electronics and IT, it is lagging behind in exploiting nanotechnology,” Seshagiri added.

By 2013, the market size for nanotechnology-enabled products will be around $1.6 trillion. Nanodevices and subsystems would make up 10 per cent of the industry by then.

Semicon to get shot in arm

 

[Water Car Engineer]

India-Myanmar trade to boom with Stilwell Road's opening

ITANAGAR: With the road being cleared for trade between India and Myanmar via the Pangsau Pass on the Arunachal Pradesh border, the historic Stilwell Road is likely to come alive with commercial activities.

"Research and Analysis Wing (RAW) of Ministry of Home Affairs has recently agreed in-principle to allow border trade between India and Myanmar for economic development of the North-East," Trade and Commerce Commissioner Makbul Pertin told PTI.

Arunachal Pradesh had submitted proposals to the Centre for beginning border trade with China, Bhutan and Myanmar at various locations.

The proposed border points in Arunachal Pradesh for trade with China include Bumla (Tawang district), Kibitho (Anjaw), Taksing (Upper Subansiri), Mechuka (West Siang) and Geling (East Siang), while Dongsengmang and Blating in Tawang district have been proposed as the points for border trade with Bhutan.

"Border trade with Myanmar through Pangsau Pass will transform the economy of North-East by reducing time, cost and distance involved in trade with China and South-East Asia," Pertin said.

Myanmar has established an administrative and immigration post, as well as a market complex on their border with India.

"There is no Myanmarese custom post at Pangsau. However, a customs station is located at Tenai, at a distance of 160 km from Pangsau Pass," he said.

"The Centre, as well as the state government, in order to facilitate border trade with Myanmar, has already constructed a border trade centre at Nampong," he said.

The Arunachal Pradesh government has been taking up construction of a 'border haat' marketplace, immigration office and bank facilities with foreign exchange services, besides posting security forces to assist all departments for operation of border trade.

Trade between India and Myanmar existed before Independence on a small scale.

The governments of Myanmar and India on September 26, 1950, signed an agreement according to which the indigenous hill tribes of both countries living within 40 km of the border were exempted from the requirement of a passport for trade purposes.

India-Myanmar trade to boom with Stilwell Road's opening - The Economic Times

 

[Lankan Ranger]

India: trade with ASEAN to touch US$70 billion by 2014

India's trade with the Association of Southeast Asian Nations (ASEAN) could touch US$70 billion in three years thanks to a free trade pact that came into effect last year, an official said Tuesday.

Trade between India and ASEAN members jumped to over $50 billion in 2010 from $41 billion the previous year, Commerce Ministry joint secretary Sumanta Choudhuri told reporters in New Delhi ahead of a visit by ASEAN ministers.

"We're aiming for $70 billion in the next three years," Choudhuri said.

ASEAN comprises Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

Trade ministers from the 10 member nations will visit India in March to discuss widening the free trade agreement to cover investments and services in addition to goods, Choudhuri added.

The official described the talks on broadening the agreement as "complex" especially in the services area, where "levels of liberalisation and levels of progress within the ASEAN countries" differ.

India signed its trade deal with ASEAN in 2009 but the agreement came into effect in January 2010, making the country the Southeast Asian bloc's seventh-largest trading partner.

ASEAN, which numbers nearly 600 million people, has forged free trade pacts with a number of key regional economies, including China and India, and has said it aims to achieve a single market and manufacturing base by 2015.

India: trade with ASEAN to touch $70 billion by 2014 - LANKA BUSINESS ONLINE

 

[Water Car Engineer]

UAE replaces US as India's top trading partner

India's trade has undergone a major change in the geographical direction since the global financial crisis that erupted in 2007. The US, which has been India's top trading partner till 2007-08, has since been relegated to the third position with the UAE and China assuming first and second positions in India's trade relations.

This position continued in 2009-10 and the first half of 2010-11. Figures for comparable periods show India's trade with the UAE in both 2009-10 and 2010-11 (April-September) were higher than its imports, while its exports to China were lower than imports.

Among its top 15 trading partners, India had bilateral trade surplus with five countries, namely the UAE, the US, Singapore, the UK and Hong Kong, in 2009-10 and the first half of 2010-11.

India's export-import ratio in the case of China is not only low but has been stagnating at around 0.3.

India ranked 21st in world merchandise exports in 2009 whereas China ranked first while in commercial services exports it ranked 12th compared to China's fifth.

Services exports reached $106 billion in 2008-09 with a moderate growth of 17.3 per cent over the previous year but declined to $95.8 billion in 2009-10. The share of software services declined to 45.7 per cent in the first half of 2010-11 from 50.8 per cent in the corresponding period of 2009-10. This is attributed to a moderate growth of 14.7 per cent in the first half of 2010-11 and the revival of non-software services exports.

Non-software services exports, which had registered a negative growth as high as (-) 41.2 per cent in 2008-09, increased their share to 29.5 per cent with high growth of 56.9 per cent. However, the falling services trade surplus is adding to the woes on the current account deficit front, instead of acting as a cushion as was the case earlier, the survey notes.

Trade policy measures taken by the government and the RBI in 2009-10 and 2010-11 focused on reviving exports and export-related employment besides mitigating the effect of inflation had its effect on reducing the country's trade deficit, the survey says.

The government followed a mix of policy measures, including fiscal incentives, institutional changes, procedural rationalisation, enhanced market access and diversification of export markets.

Exports from the special economic zones (SEZs) stood at Rs2,23,132.31 crore ($4,924.11 billion), generating total employment of 6,44,073 during first three quarters of the current fiscal, according to the survey.

World trade volume growth is expected to moderate in 2011 and 2012 to 7.1 per cent and 6.8 per cent, respectively, as per IMF projections. However, the trade growth in emerging and developing economies is expected to be more robust than that in the advanced economies in 2011 and 2012.

India's trade outlook also needs to be moderated on account of the recent developments in world trade, the Economic Survey adds.

domain-b.com : UAE replaces US as India's top trading partner

 

[Andross]

FT.com / UK - India forecasts strong growth for 2012


The Indian economy is expected to grow by as much as 9.25 per cent next year the country’s finance ministry said on Friday as it urgently strives to win back draining confidence among international investors.

India’s investment appeal has declined rapidly over the past three months as investors worry about a series of high profile corruption scandals, high inflation and the ability of the government to keep its fiscal deficit in check.

EDITOR’S CHOICEIndian inflation eases despite food price rises - Feb-14.Indian industrialists fear rate rise too far - Jan-25.India’s growth push gets regional boost - Jan-25.Raising rates but extending liquidity - Jan-25.India raises rates in inflation fight - Jan-25.Indonesia to sign $15bn deals with India - Jan-24..
India’s economy is forecast to grow at 8.6 per cent in the year to the end of next month and prime minister Manmohan Singh nurses ambitions of pushing it higher to double digits to rival China. But, only days ahead of Monday’s national budget, investors are wary of any signs of a loss of momentum in India’s high growth rates as the country battles the highest inflation of any major Asian economy and capital flight from emerging markets.

In its annual Economic Survey, released on Friday, the finance ministry gave strong assurances that India could remain on its high growth trajectory, saying that economic growth would advance to a range of between 8.75 per cent and 9.25 per cent in the coming fiscal year.

It cautioned, however, about the threat of inflationary pressures from rising global commodity prices and a domestic consumption boom in India. Inflation is running at about 8.2 per cent in spite of pledges by Mr Singh to reduce it to below 6 per cent by the end of last year.

“The inflationary pressures on the domestic front are likely to be exacerbated by the higher levels of global commodity prices,” said the survey tabled by Pranab Mukherjee, the finance minister, in parliament.

Samiran Chakraborty, senior economist at Standard Chartered in Mumbai, said India was confronted by a “perfect storm” of inflation, a governance deficit and worries about financing its fiscal deficit.

“The big storm is the governance deficit,” he said. “But I don’t think what we have seen over the past three months can continue for another six months.”

“It’s a big question whether India will be able to finance its growth. It’s going to be a challenge when we are not going to get foreign money. There are fears that growth could go below 7 per cent.”

Mr Chakrabarty also said that foreign investors were concerned about issues surrounding the predictability of India’s business environment, particularly inconsistent tax treatments of their investments and unclear policy direction.”

In spite of a dramatic fall in investment growth, local industrialists expressed confidence that India’s troubles could be ridden out in the coming months in spite of the shadow cast by high crude prices on a nation dependent on imported oil.

“Right now we are definitely not the flavour of the month,” said Anand Mahindra, chief executive of Mahindra & Mahindra and a major Mumbai-based industrialist. “But that does not mean that we won’t be flavour of the year.”

Maintaining a high growth rate is crucial to absorb the millions of job seekers emerging from the Indian education system in a country where 70 per cent of the 1.2bn population is under the age of 35 years of age.

“India needs to see transformative growth in order to create adequate livelihoods for the population that is entering the workforce every year,” said Chanderjit Banerjee, the secretary-general of the Confederation of Indian Industry.

The Economic Survey also for the first time signalled the government’s possible approval of allowing large corporate houses to hold banking licences as the country tries to extend financial services across the country and into rural areas.

The Reserve Bank of India, the central bank, had been expected to issue guidelines on the issue of new banking licences by the end of last month.

 

[EjazR]

India assures Iran of early payments, keen to sign DTAA, BIPA

Union Finance Minister Pranab Mukherjee has assured Iran that India would like to make the payment due to Iran as expeditiously as possible especially on account of oil and oil products.

Speaking at a bilateral meeting with his Iranian counterparts Dr. Seyyed Shamseddin Hooseini here, Mukherjee said in order to further improve and strengthen our financial and economic relationships, we are interested to expedite the finalization of Double Taxation Avoidance Agreement (DTAA) with Iran on priority.

"Besides, India is also interested to finalise and sign Bilateral Investment Protection Agreement (BIPA) with Iran in the near future which will further boost investment by the prospective investors from both the sides," he added.

Mukherjee said that both the countries should work out a mechanism through which we could make arrangements for timely payment by removing the necessary bottlenecks. Mukherjee said that we want to implement the decisions taken in the 16th Session of Joint Commission of both the countries, which was held in last July in Delhi.

The Finance Minister further said that we want to diversify the commodity basket for trade beyond oil and petroleum products.

He asked his Iranian counterpart to impress upon his External Affairs counterpart to expedite the opening of Indian Cultural Centre in Iran which would further strengthen the people to people relationship and cultural ties between the two countries.

Speaking on the occasion, Dr. Hooseini said that Iran wants to further strengthen its relationship with India not only in field of culture but also in trade and commerce. He said that Iran is building relationship with Asian countries and India has a special place in it as we have historical relationship with India.

He assured Mukherjee that he would take up the issue with the concerned authorities to expedite the opening of Indian Cultural Centre in Iran.

Emphasizing that the payment due from India is quite safe, Dr. Hooseini said: "We are not worried about the same."

He invited Mukherjee to visit Tehran at his convenience especially to sign the above-mentioned two agreements DTAA and BIPA. (ANI)

 

[SpArK]

Malaysia to recruit 45,000 foreign workers, mostly from India​

KUALA LUMPUR: Malaysia is set to recruit some 45,000 foreign workers, mostly from India , to overcome massive labour shortages , particularly in the country's small-scale business sectors.

Human Resources Minister Dr S. Subramaniam, who is of Indian ethnic origin, today said the the government has approved the recruitment of 45,000 foreign workers to meet the demand in 13 small-scale business sectors, which are currently facing manpower shortage.

"They had applied to the prime minister and to my ministry through the Malaysian Associated Indian Chamber of Commerce and Industry (MAICCI) for the government to approve the recruitment of 90,000 foreign workers," said Subramaniam, who is the Deputy President of the Malaysian Indian Congress (MIC), a major component party of the ruling Barisan Nasional (BN)

He said the government had now agreed to approve the entry of 45,000 foreign workers into 13 business sectors to meet the initial requirement so that they can continue operating.

Subramaniam said the approval was to ease labour shortage in various sectors, including restaurants, grocery shops and the textile industry which had difficulty in recruiting local workers.

Subramaniam said the government was still in discussions to distribute the 45,000 foreign workers according to the 13 business sectors and a decision was expected to be made within a month.

He said most of the foreign workers were from India. Ethnic Indians form eight per cent of Malaysia's population of 27 million people.


Malaysia to recruit 45,000 foreign workers, mostly from India - The Economic Times

 

[SpArK]

Rupee trading soars in Dubai​

Trading in the Indian currency is swiftly gaining popularity in Dubai. Futures contracts of the rupee against the dollar listed on the Dubai Gold & Commodity Exchange (DGCX) have doubled in the first two months of this calendar year. The previous two years saw a five-fold increase in these contracts.

Dubai is a major exporter of oil, gold and diamonds to India and the frenzy to hedge against rupee risk is such that soaring currency trading in the emirate could pose serious competition to volumes on Indian exchanges in the next few years, say market players.


On February 22, the number of rupee-dollar contracts touched a record 12,499 on the DGCX, breaking the previous record of 11,968 on January 5. On an average, over 8,000 rupee-dollar contracts are traded daily on the DGCX, churning out Rs 1,500-1,600 crore in volumes.
Dubai is a major hub for trade between Asia, Africa and Europe. A host of Indian diamond merchants have opened offices in the emirate. It is also reputed to be a major conduit for hawala operators.

According to brokers in Mumbai, a few large foreign institutional investors betting on Indian markets are hedging their currency risk in Dubai. Interestingly, Financial Technologies (FT) Group -- promoter of the MCX exchange chain -- holds 44 per cent stake in DGCX.

FT was the rallying force behind setting up DGCX and at one point held 51 per cent stake in the bourse, which it has scaled down. It was the launch of rupee-dollar futures on the DGCX in 2008 that put pressure on Indian policymakers to allow trading in the segment in India.

While DGCX is the only exchange outside India where the Indian currency is traded, there is also an unregulated non-deliverable forward (NDF) market for it in Singapore, where a large number of funds take positions. This vibrant market, which dates back to the 1990s, was a response by foreign banks and brokers to restrictions on onshore currency forward contracts clamped by many governments.

Funds playing on Indian markets through off-shore derivative instruments often use the NDF to hedge. A futures contract facilitates buying or selling of an asset at a predetermined price for delivery at a future date.

Volumes on the DGCX first spiked after November 2008. This was when the bourse decreased margins per contract from $800 to $600, introduced a cash-settlement system based on the dollar reference rate published by Reserve Bank of India, prolonged trading time by three hours and put a market-making scheme in place.

Rupee trading soars in Dubai

 

[Kinetic]

"Research and Analysis Wing (RAW) of Ministry of Home Affairs has recently agreed in-principle to allow border trade between India and Myanmar for economic development of the North-East," Trade and Commerce Commissioner Makbul Pertin told PTI.

India-Myanmar trade to boom with Stilwell Road's opening - The Economic Times

When did RAW worked under MHA?!!! I think its directly under PM.

 

[SpArK]

When did RAW worked under MHA?!!! I think its directly under PM.

That stilwell's road is one of the most zigzagged roads in the country.

Ledo Road - Wikipedia, the free encyclopedia


A bit of history


The famous StilWell Road

 

[SpArK]

India targets Rs.40,000 crore through disinvestment​

New Delhi, Feb 28 (IANS) The government aims at raising Rs.40,000 crore (Rs.400 billion/$9 billion) by selling its stake in public sector undertakings in 2011-12, despite missing the current year's target, Finance Minister Pranab Mukherjee said Monday.

'I intend to maintain the momentum on disinvestment in 2011-12 by raising Rs.40,000 crore,' Mukherjee said while presenting the budget for 2011-12 in the Lok Sabha.

However, the finance minister said disinvestment would fall substantially short of the target in the current financial year. For the current fiscal, the government had also set a disinvestment target of Rs.40,000 crore but has been able to raise just above half the amount so far.

'As against a target of Rs.40,000 crore, the government will raise about Rs.22,144 crore from disinvestment in 2010-11. A higher than anticipated realisation in non-tax revenues has led us to reschedule some of the divestment issues planned for the current year,' he said.

The Rs.22,144 crore that has been raised has been through selling the government's stake in different state-run companies including Coal India, Power Grid Corporation of India, Satluj Jal Vidyut Nigam, Engineers India Ltd, Shipping Corporation of India and Manganese Ore India Ltd.

Mukherjee said the government was committed to retaining at least 51 percent ownership and management control of the central public sector undertakings.

India targets Rs.40,000 crore through disinvestment

 

[SpArK]

India's growth 'set to rival China' in 2011: Moody's​

India's GDP growth rate, which came in at 8.2% year-on-year in the third quarter of FY 2010-11, looks set to rival China's in 2011, notes Moody's Analytics senior economist Matt Robinson.

This was the fourth successive quarter of GDP growth in excess of 8%, and "with strong population growth, rising exports and expanding services", India's growth rate looks set to rival China's in 2011, expected to head towards the 9% mark, he said in a note to clients.
In Robinson's estimation, the drivers of growth in the December quarter were the finance, insurance, real estate and business services sectors, and the trade, hotel, transport and communications sectors.

Exports grew 16.2% year-on-year, private consumption expanded 9% from a year earlier, while business investment grew 6%. Government expenditure was 3% lower than a year earlier, but Robinson points out that the expenditure breakdown is not considered as accurate a measure of GDP as the industrial measure, which remains the more widely reported figure.

Although GDP growth slowed in the final quarter of 2010, it remained above 8% owing to continued strong growth in key service sectors, along with a long-overdue recovery in agricultural output. The services sector, which accounts for more than 55% of GDP, remained the primary growth driver in the final three months of 2010. Activity in the finance, insurance, real estate and business services sector expanded at double-digit pace, while trade, hotel, transport and communications activity recorded its sixth consecutive quarter of 8%-plus year-on-year growth.

In contrast, Robinson noted, aggressive monetary tightening by the central bank was evident in slowdown in manufacturing output to 5.6% year-on-year in the December quarter, its slowest growth rate since mid-2009. An unexpected contraction in government expenditure was also responsible for the December quarter’s modest deceleration from September’s heady 8.9% growth rate.

The outlook for India remains favourable, and growth looks set to rival China's in 2011, Robinson added. A return to solid growth in the agricultural sector would complement strong expansion in services, propelling GDP growth towards the 9% mark. In his reckoning, policymakers’ efforts to temper inflation should ensure the sustainability of the expansion, leading to further growth in employment and incomes, household consumption and business investment.

India's growth 'set to rival China' in 2011: Moody's - Moneycontrol.com -

 

[SpArK]

India provides assistance of Rs 10.46 crores to Nepal​

Shirish B. Pradhan
Kathmandu, Feb 28 (PTI) India today provided assistance of Rs 10.46 crores to Nepal for various infrastructural projects to boost economic cooperation between both the countries.

India has provided assistance with a total outlay of Rs 10.46 crores under Nepal-India Economic Cooperation Programme being implemented in Taplejung and Bhojpur districts of eastern Nepal.

Indian Ambassador to Nepal, Rakesh Sood, inaugurated school building for Shree Nilgiri Secondary School, Mehele in Taplejung district and laid foundation stone for Shree Sinam Higher Secondary School in Sinam of the same district.

The school building built for Nilgiri School at the cost of Rs 2.63 crore will benefit around 700 students of the district.

Similarly, the building to be built for Sinam School will cost Rs 4.04 crore and benefit more than 1200 students.

The Ambassador also laid foundation stone for hospital building at Dingla in Bhojpur district and inaugurated school building for Shres Bidyodaya Higher Secondary School at Bhojpur Bazaar in Bhojpur district.

The hospital which will cost Rs 2.66 crore can provide treatment to nearly 45,000 people residing in 18 villages of the district, while the school building of Rs 1.13 crore will benefit to hundreds of students.

India provides assistance of Rs 10.46 crores to Nepal -  International News