Bengaluru: Karnataka’s IT product export revenue touched the Rs 1.65-lakh-crore mark this this year, said S R Patil, Minister for Planning and Statistics, IT,BT, Science and Technology.
Karnataka accounts for nearly 40 per cent of the country’s IT export and is planning to take the IT export revenues to Rs 4 lakh crore by 2020.
The Minister said the government is is focussing on the growth of IT sector in tier-2 and -3 cities across the State.
To accelerate the growth of the sector, the state has revised and rolled out IT policy.
The new policy facilitates the formation of a single-window agency, which the industry has been demanding for long time.
Incentives
“The State government is planning to offer built-up area or land at a nominal cost in tier-2 and -3 cities. Also, IT industries had been exempted from many of the provisions of labour law,” said Patil.
To a query he said quite a good number of IT industries had shown interest to start their activities in Hubli-Dharwad, Shimoga, Gulburga, Managalore and Belgaum.
Already, the IT giant Infosys Technologies had been allotted an area of 50 acres in Hubli, and they had initiated the process to set up a unit there.
Once commissioned, Patil said, the Infosys unit would provide 10,000 direct jobs and 30,000 indirect jobs.
ITIR project
He said ITIR (Information Technology Investment Region) was another project the ministry is working upon.
It is a joint project for which the Centre will provide Rs 7,000 crore, mainly for creating infrastructure, including roads and communication facilities in the ITIR township.
Success in my Habit
Tuesday, January 14, 2014
First National Wind Energy Mission to begin by mid-2014
New Delhi: The government will launch its first wind energy mission this year to give a boost to the renewable source and putting it in the same league as the high-profile solar mission. The 'National Wind Energy Mission (NWEM), which would be launched around the middle of the year, would give incentives to invest, east land clearances and regulate tariffs. But unlike the flagship 'National Solar Mission' it would not involve projects for bidding. It would act as a "facilitator", officials said.
"We wish to coordinate separate lines of action in the wind sector and involve all the stakeholders. Wind energy led to the establishment of renewable based power in the country but lately it has been marred by several issues," said Alok Srivastava, joint secretary (wind) in the ministry for new and renewable sources of energy.
Under the proposed action plan, MNRE would strengthen grid infrastructure for wind power, identify high wind power potential zones, ease land clearances for the projects, regulate wind power tariff and incentivise investment in the wind sector.
"The proposed NWEM would be placed in the cabinet soon and we wish to kick start it in the next 6 months," said Srivastava. He also said that all stakeholders in the wind sector, ministry of power, Powergrid corporation, central and state electricity regulators, planning commission, private and public sector project developers would be a part of the mission, with MNRE acting as a key facilitator and moderator amongst all of them. "A national program would uproot the scattered impediments faced by the wind sector and spur it towards the second phase of growth," said Srivastava.
Grid connected wind based power in India has been in existence from almost 20 years now while solar made its debut just 4 years back with the national solar mission. India is the fifth largest wind power producer in the world with an installed capacity of 19 GW.
Caught in the policy net, capacity addition in the wind sector fell to decade low during last & current fiscal. The industry, especially the private sector has also complained about the lack of proper grid infrastructure for evacuation of wind power.
There have been delays in payments by the states to the power developers due to the same. Through this mission, government aims to have a generating capacity of 100 GW of wind power by 2022. The potential of wind based power in the country is estimated to be 300 GW.
MNRE also plans to extend the 'generation based incentive (GBI)' for the project developers for five years. This would amount to a total expenditure of .`18,000 crore. Budgetary allocation for GBI in the current fiscal is .`800 crore.
GBI was notified in the union budget 2013. Under this financial scheme, government would pay wind power developers Rs 0.50 for every unit of power generated from the wind facility.
Till April 2012, wind sector enjoyed two fiscal benefits. Accelerated depreciation (AD) has been in force for the wind industry since 2003 till 2012 when its was withdrawn. GBI, announced in 2011 was discontinued in 2012, only to be reintroduced in 2013 in the union budget.
"We wish to coordinate separate lines of action in the wind sector and involve all the stakeholders. Wind energy led to the establishment of renewable based power in the country but lately it has been marred by several issues," said Alok Srivastava, joint secretary (wind) in the ministry for new and renewable sources of energy.
Under the proposed action plan, MNRE would strengthen grid infrastructure for wind power, identify high wind power potential zones, ease land clearances for the projects, regulate wind power tariff and incentivise investment in the wind sector.
"The proposed NWEM would be placed in the cabinet soon and we wish to kick start it in the next 6 months," said Srivastava. He also said that all stakeholders in the wind sector, ministry of power, Powergrid corporation, central and state electricity regulators, planning commission, private and public sector project developers would be a part of the mission, with MNRE acting as a key facilitator and moderator amongst all of them. "A national program would uproot the scattered impediments faced by the wind sector and spur it towards the second phase of growth," said Srivastava.
Grid connected wind based power in India has been in existence from almost 20 years now while solar made its debut just 4 years back with the national solar mission. India is the fifth largest wind power producer in the world with an installed capacity of 19 GW.
Caught in the policy net, capacity addition in the wind sector fell to decade low during last & current fiscal. The industry, especially the private sector has also complained about the lack of proper grid infrastructure for evacuation of wind power.
There have been delays in payments by the states to the power developers due to the same. Through this mission, government aims to have a generating capacity of 100 GW of wind power by 2022. The potential of wind based power in the country is estimated to be 300 GW.
MNRE also plans to extend the 'generation based incentive (GBI)' for the project developers for five years. This would amount to a total expenditure of .`18,000 crore. Budgetary allocation for GBI in the current fiscal is .`800 crore.
GBI was notified in the union budget 2013. Under this financial scheme, government would pay wind power developers Rs 0.50 for every unit of power generated from the wind facility.
Till April 2012, wind sector enjoyed two fiscal benefits. Accelerated depreciation (AD) has been in force for the wind industry since 2003 till 2012 when its was withdrawn. GBI, announced in 2011 was discontinued in 2012, only to be reintroduced in 2013 in the union budget.
Iran, S Korea stoke oilmeal exports up 7%
Mumbai: Oilmeal exports rose seven per cent during the first nine months of the current financial year due to increased supply to Iran and South Korea, the newly-developed export markets.
Data compiled by the Solvent Extractors’ Association (SEA) showed exports at 3.2 million tonnes during April-December in 2013 compared to three million tonnes a year ago.
Shipments were down 20 per cent in the first quarter due to a drastic fall in the export of soymeal, followed by a 43 per cent surge in the second quarter.
Heavy buying of soymeal from Iran and Europe lifted overall exports of oilmeal in the third quarter as well, with high export of soya bean, rapeseed and castorseed meal.
Rupee depreciation also helped exports. Oilmeal import by South Korea during April-December was 821,811 tonnes, up from 647,331 tonnes a year ago.
Iran imported 923,779 tonnes of oilmeal in the first nine months of FY14, double the 493,669 tonnes it had imported a year ago.
Data compiled by the Solvent Extractors’ Association (SEA) showed exports at 3.2 million tonnes during April-December in 2013 compared to three million tonnes a year ago.
Shipments were down 20 per cent in the first quarter due to a drastic fall in the export of soymeal, followed by a 43 per cent surge in the second quarter.
Heavy buying of soymeal from Iran and Europe lifted overall exports of oilmeal in the third quarter as well, with high export of soya bean, rapeseed and castorseed meal.
Rupee depreciation also helped exports. Oilmeal import by South Korea during April-December was 821,811 tonnes, up from 647,331 tonnes a year ago.
Iran imported 923,779 tonnes of oilmeal in the first nine months of FY14, double the 493,669 tonnes it had imported a year ago.
Thursday, January 9, 2014
L&T bags orders worth Rs 2,962 crore
Mumbai: L&T Construction has bagged orders worth Rs 2,962 crore across its business segments.
The buildings and factories business has got orders worth Rs 1,555 crore.
A large turnkey order is from an IT major for design and construction of two technology centres and augmentation of existing utility buildings in Bangalore.
Another order is from the Odisha Government for infrastructure development in three government medical colleges in Cuttack, Sambalpur and Berhampur.
Each of the colleges will have new laboratories, library, lecture and examination halls, a 1,500-seating capacity auditorium and a student-faculty accommodation building.
L&T has also secured a contract from the Cochin International Airport to build a new international terminal complex at Kochi.
The terminal will have 15 aerobridges and capacity to handle 10 million passengers annually.
In the water and renewable energy businesses, the company has got orders worth Rs 726 crore.
The power transmission and distribution business has secured orders valued at Rs 258 crore.
L&T said it has also received additional orders totalling Rs 423 crore from various ongoing projects in its metallurgical and material handling, heavy civil and transportation infrastructure businesses.
The buildings and factories business has got orders worth Rs 1,555 crore.
A large turnkey order is from an IT major for design and construction of two technology centres and augmentation of existing utility buildings in Bangalore.
Another order is from the Odisha Government for infrastructure development in three government medical colleges in Cuttack, Sambalpur and Berhampur.
Each of the colleges will have new laboratories, library, lecture and examination halls, a 1,500-seating capacity auditorium and a student-faculty accommodation building.
L&T has also secured a contract from the Cochin International Airport to build a new international terminal complex at Kochi.
The terminal will have 15 aerobridges and capacity to handle 10 million passengers annually.
In the water and renewable energy businesses, the company has got orders worth Rs 726 crore.
The power transmission and distribution business has secured orders valued at Rs 258 crore.
L&T said it has also received additional orders totalling Rs 423 crore from various ongoing projects in its metallurgical and material handling, heavy civil and transportation infrastructure businesses.
Honda Cars to use Ennore Port for exports
Chennai: Honda Cars India will use the Ennore Port to export cars to South Africa, according to port officials.
Officials said it will also finalise an agreement with Ford India for the car manufacturer to use the Port as an export base.
At a function to commission a railway siding at the Port, officials said leading original equipment manufacturers (OEMs) such as Nissan, Toyota, Volvo and Ashok Leyland use the Ennore Port to ship out vehicles. Ford and Honda Cars will soon follow. Honda Cars’ spokesperson said the car manufacturer finds it attractive to use the port even if it is away from its production facility in Greater Noida than the ports on the west coast.
Honda mostly ships the Brio and the Amaze to South Africa. The infrastructure for car exports at Ennore Port is attractive and cost effective. Also with other leading OEMs exporting to South Africa, availability of car carriers is also better. During the current year, Honda Cars will export about 6,000 cars to South Africa.
Officials said it will also finalise an agreement with Ford India for the car manufacturer to use the Port as an export base.
At a function to commission a railway siding at the Port, officials said leading original equipment manufacturers (OEMs) such as Nissan, Toyota, Volvo and Ashok Leyland use the Ennore Port to ship out vehicles. Ford and Honda Cars will soon follow. Honda Cars’ spokesperson said the car manufacturer finds it attractive to use the port even if it is away from its production facility in Greater Noida than the ports on the west coast.
Honda mostly ships the Brio and the Amaze to South Africa. The infrastructure for car exports at Ennore Port is attractive and cost effective. Also with other leading OEMs exporting to South Africa, availability of car carriers is also better. During the current year, Honda Cars will export about 6,000 cars to South Africa.
Toshiba to buy 26% stake in UEM India from existing shareholders
Mumbai: Japanese electronic goods giant Toshiba will purchase a 26% stake from its existing shareholders, including private equity investor, India Value Fund, in the unlisted water and waste management company, UEM India, two people with direct knowledge of the development said.
The deal signals the continued interest by Japanese firms to buy companies in the second-largest Asian economy with Hitachi Corporation buying out Indian automated teller machine (ATM) maker Prism Payments, in November. The PE fund will continue to hold UEM with around 51% stake. "This is a strategic growth area for Toshiba and we will bring our expertise and global access to the company and learn from UEM's vast experience in delivering complex, turn-key projects around the world," said Naohiro Noro, vice-president, environmental systems division, Toshiba Corporation.
UEM, founded by Krishnan Kshetry, will use the money to enter newer geographies and access better technologies to expand its business to provide water and wastewater collection, treatment, and disposal facilities. Toshiba, a maker of electrical systems for water supply and sewerage facilities, can enter into the Indian market which is stated to more than double to $3.25 billion in 2030 from $1.19 billion in 2015, according to a report by consultant Ernst & Young. Toshiba will also get a representation on the board
India Value Fund Advisors (IVFA) purchased a 70% stake in UEM in July 2010 for Rs 90 crore.
"IVFA will continue to own a majority stake in the venture and Toshiba's entire investment will be infused into the business to drive future growth," said Vishal Nevatia, managing partner of India Value Fund Advisors. It is the largest India-focused private equity fund, which manages $1.2 billion ( Rs 7,400 crore) with investments in radio taxi Meru Cabs, Radio City, DM Healthcare, Mahindra Hinoday, VKL Seasoning and Manipal Hospitals. "The company has grown four-fold from 2010 helped by better margins with higher technology and higher revenues," he added.
Noida-headquartered UEM, which has executed projects in over 30 countries across India, South East Asia, North America, Central America, and Africa, has annual revenues of around $70 million ( Rs 420 crore.) The company provides single-source services from engineering and design to construction and installation of water, waste-water and domestic waste treatment facilities.
"We believe that this partnership will provide us a bigger canvas to work on. The water sector has tremendous opportunities and we have the right tools and partners to achieve our vision," said Kshetry.
In India, 782 water management and sewerage projects primarily awarded by state governments are under stages of execution until March 31, 2013 with a total investment of Rs 24,700 crore, a Kotak Securities report said.
"The project investment in the sector has been growing at a compound annual growth rate of 5% for the past five years. The public sector is the major contributor in the sector with 99% share, of which the state government's share at around 59%."
There are many challenges for private companies. "Private participation is very low because of the grossly underpriced price of water and waste services, long delays in project clearances, and land acquisition problems result in cost and time overruns and non-availability of funds at reasonable interest rates," the report added.
The deal signals the continued interest by Japanese firms to buy companies in the second-largest Asian economy with Hitachi Corporation buying out Indian automated teller machine (ATM) maker Prism Payments, in November. The PE fund will continue to hold UEM with around 51% stake. "This is a strategic growth area for Toshiba and we will bring our expertise and global access to the company and learn from UEM's vast experience in delivering complex, turn-key projects around the world," said Naohiro Noro, vice-president, environmental systems division, Toshiba Corporation.
UEM, founded by Krishnan Kshetry, will use the money to enter newer geographies and access better technologies to expand its business to provide water and wastewater collection, treatment, and disposal facilities. Toshiba, a maker of electrical systems for water supply and sewerage facilities, can enter into the Indian market which is stated to more than double to $3.25 billion in 2030 from $1.19 billion in 2015, according to a report by consultant Ernst & Young. Toshiba will also get a representation on the board
India Value Fund Advisors (IVFA) purchased a 70% stake in UEM in July 2010 for Rs 90 crore.
"IVFA will continue to own a majority stake in the venture and Toshiba's entire investment will be infused into the business to drive future growth," said Vishal Nevatia, managing partner of India Value Fund Advisors. It is the largest India-focused private equity fund, which manages $1.2 billion ( Rs 7,400 crore) with investments in radio taxi Meru Cabs, Radio City, DM Healthcare, Mahindra Hinoday, VKL Seasoning and Manipal Hospitals. "The company has grown four-fold from 2010 helped by better margins with higher technology and higher revenues," he added.
Noida-headquartered UEM, which has executed projects in over 30 countries across India, South East Asia, North America, Central America, and Africa, has annual revenues of around $70 million ( Rs 420 crore.) The company provides single-source services from engineering and design to construction and installation of water, waste-water and domestic waste treatment facilities.
"We believe that this partnership will provide us a bigger canvas to work on. The water sector has tremendous opportunities and we have the right tools and partners to achieve our vision," said Kshetry.
In India, 782 water management and sewerage projects primarily awarded by state governments are under stages of execution until March 31, 2013 with a total investment of Rs 24,700 crore, a Kotak Securities report said.
"The project investment in the sector has been growing at a compound annual growth rate of 5% for the past five years. The public sector is the major contributor in the sector with 99% share, of which the state government's share at around 59%."
There are many challenges for private companies. "Private participation is very low because of the grossly underpriced price of water and waste services, long delays in project clearances, and land acquisition problems result in cost and time overruns and non-availability of funds at reasonable interest rates," the report added.
Korea eyes better banking footprint in India
New Delhi: South Korea will ask India to help its banks open branches in India when the finance ministers of the two countries meet on Wednesday to discuss cooperation in trade, taxation, banking, fiscal affairs and infrastructure development, among others.
The fourth finance ministerial meeting, to be held here, will have Finance Minister P Chidambaram from the Indian side and Hyun Oh-seok, Deputy Prime Minister and minister of strategy and finance, from South Korea.
"They are seeking cooperation in the process for obtaining permission to establish branches of Korean commercial banks in India. Bilateral cooperation between supervisory agencies in the financial sector is also on the agenda," a ministry official, who did not wish to be identified, told Business Standard.
Sinhan Bank was the first Korean lender to set up a branch in India, in 1996, at Mumbai. In April 2012, Seoul-based Woori Bank had launched its first branch in India, at Chennai, to assist Korean companies in the country and to serve local clients. Samsung, LG, Hyundai, Daewoo and Posco are among the big Korean companies in India.
Deliberations will be held on revision of the Double Taxation Avoidance Agreement (DTAA), to allow for greater exchange of information and making it more relevant. India has been renegotiating its DTAAs with many countries, to check money being held abroad illegally by Indians.
The discussions will also touch on the macroeconomic situation. The two sides will discuss collaboration under multilateral frameworks, including G-20 and the East Asia Summit.
Cooperation in public service and fiscal management will be another area. It will include improving public procurement systems such as e-procurement.
The talks on cooperation in trade and investment will aim at establishing a map for mid-term and long-term cooperation, a Comprehensive Economic Partnership Agreement, reducing difficulties in Customs clearances, promoting small & medium enterprises' cooperation and providing more investment opportunities.
Other issues include memoranda of understanding between the Export Import Bank of Korea and India Infrastructure Finance Company, for exchanging information on infra development projects in India, and an inter-bank export credit agreement between the Korean Export Import Bank with State Bank of India.
The fourth finance ministerial meeting, to be held here, will have Finance Minister P Chidambaram from the Indian side and Hyun Oh-seok, Deputy Prime Minister and minister of strategy and finance, from South Korea.
"They are seeking cooperation in the process for obtaining permission to establish branches of Korean commercial banks in India. Bilateral cooperation between supervisory agencies in the financial sector is also on the agenda," a ministry official, who did not wish to be identified, told Business Standard.
Sinhan Bank was the first Korean lender to set up a branch in India, in 1996, at Mumbai. In April 2012, Seoul-based Woori Bank had launched its first branch in India, at Chennai, to assist Korean companies in the country and to serve local clients. Samsung, LG, Hyundai, Daewoo and Posco are among the big Korean companies in India.
Deliberations will be held on revision of the Double Taxation Avoidance Agreement (DTAA), to allow for greater exchange of information and making it more relevant. India has been renegotiating its DTAAs with many countries, to check money being held abroad illegally by Indians.
The discussions will also touch on the macroeconomic situation. The two sides will discuss collaboration under multilateral frameworks, including G-20 and the East Asia Summit.
Cooperation in public service and fiscal management will be another area. It will include improving public procurement systems such as e-procurement.
The talks on cooperation in trade and investment will aim at establishing a map for mid-term and long-term cooperation, a Comprehensive Economic Partnership Agreement, reducing difficulties in Customs clearances, promoting small & medium enterprises' cooperation and providing more investment opportunities.
Other issues include memoranda of understanding between the Export Import Bank of Korea and India Infrastructure Finance Company, for exchanging information on infra development projects in India, and an inter-bank export credit agreement between the Korean Export Import Bank with State Bank of India.
Visa-on-arrival in Malaysia for Indians travelling from third country
New Delhi: The Government of Malaysia has introduced visa-on-arrival facility for visiting Indian tourists. This announcement came in conjunction with the Visit Malaysia Year 2014 and the Year of Festivals 2015. This facility is applicable to Indians travelling to Malaysia from a third country — Singapore or Thailand — holding a valid visa for the respective countries and having confirmed return tickets to India.
In a statement, Manoharan Periasamy, Director, Tourism Malaysia, said, “Destinations with ease of visa issuance are popular, and the choice of a holiday destination is most often decided on the factor of ease of visa approval. Malaysia has always been a popular destination among Indians and with the reintroduction of VoA, we hope to see more and more Indians considering Malaysia even as a short break destination for long weekends and last-minute travel plans. In fact, this relaxation in visa restrictions is mainly for families and groups travelling to Malaysia on a vacation and for businessmen.”
Visiting Indian tourists can avail visa-on-arrival at all major airports of Malaysia, namely, Kuala Lumpur International Airport (KLIA), Low cost Terminal LCCT (KLIA), Penang International Airport, Sultan Ismail International Airport, Johor Bahru, Kota Kinabalu International Airport, Sabah and Kuching International Airport, Sarawak, at a fee of $100.
In a statement, Manoharan Periasamy, Director, Tourism Malaysia, said, “Destinations with ease of visa issuance are popular, and the choice of a holiday destination is most often decided on the factor of ease of visa approval. Malaysia has always been a popular destination among Indians and with the reintroduction of VoA, we hope to see more and more Indians considering Malaysia even as a short break destination for long weekends and last-minute travel plans. In fact, this relaxation in visa restrictions is mainly for families and groups travelling to Malaysia on a vacation and for businessmen.”
Visiting Indian tourists can avail visa-on-arrival at all major airports of Malaysia, namely, Kuala Lumpur International Airport (KLIA), Low cost Terminal LCCT (KLIA), Penang International Airport, Sultan Ismail International Airport, Johor Bahru, Kota Kinabalu International Airport, Sabah and Kuching International Airport, Sarawak, at a fee of $100.
Hyderabad to get Rs 100 cr footwear design centre
Hyderabad: Hyderabad is all set to get yet another national centre soon. It will get an Rs 100-crore National Institute for Footwear Design and Development.
The foundation stone for the Institute will be laid in the last week of January. The Andhra Pradesh Government has already allocated the required land at Gachibowli in Cyberabad. A couple of weeks ago the Union Minister for small, micro and medium enterprises, K.H. Muniyappa, had announced that it would set up a National SME University. About 100 acres of land was available for the facility to come up in the city.
The foundation laying event for the Footwear Design Institute was finalised during the meeting of Union Minister for Commerce and Industry, Anand Sharma and State Chief Minister, N. Kiran Kumar Reddy on Friday here.
Funds for the national centre have already been sanctioned by the Commerce Ministry.
The Union Minister advised to complete the process of identifying partner for the setting up of Rs 35-crore World Trade Centre under PPP mode.
Rs 20 crore will be given by Government and the balance should be borne by the State, a release from the Chief Minister’s Office stated.
The Union Minister informed the Chief Minister that China has come forward and expressed interest to partner in one of the proposed National Investment and Manufacturing Zones (NIMZ), for both technical and investment purposes. The Centre sanctioned three NIMZs to the State at Zaheerabad, Medak district, Chittoor and Prakasam districts. Each of these are expected to attract Rs 30,000 crores of investment and generate employment for 3 lakh people, the release said.
The foundation stone for the Institute will be laid in the last week of January. The Andhra Pradesh Government has already allocated the required land at Gachibowli in Cyberabad. A couple of weeks ago the Union Minister for small, micro and medium enterprises, K.H. Muniyappa, had announced that it would set up a National SME University. About 100 acres of land was available for the facility to come up in the city.
The foundation laying event for the Footwear Design Institute was finalised during the meeting of Union Minister for Commerce and Industry, Anand Sharma and State Chief Minister, N. Kiran Kumar Reddy on Friday here.
Funds for the national centre have already been sanctioned by the Commerce Ministry.
The Union Minister advised to complete the process of identifying partner for the setting up of Rs 35-crore World Trade Centre under PPP mode.
Rs 20 crore will be given by Government and the balance should be borne by the State, a release from the Chief Minister’s Office stated.
The Union Minister informed the Chief Minister that China has come forward and expressed interest to partner in one of the proposed National Investment and Manufacturing Zones (NIMZ), for both technical and investment purposes. The Centre sanctioned three NIMZs to the State at Zaheerabad, Medak district, Chittoor and Prakasam districts. Each of these are expected to attract Rs 30,000 crores of investment and generate employment for 3 lakh people, the release said.
Hyderabad to get Rs 100 cr footwear design centre
Hyderabad: Hyderabad is all set to get yet another national centre soon. It will get an Rs 100-crore National Institute for Footwear Design and Development.
The foundation stone for the Institute will be laid in the last week of January. The Andhra Pradesh Government has already allocated the required land at Gachibowli in Cyberabad. A couple of weeks ago the Union Minister for small, micro and medium enterprises, K.H. Muniyappa, had announced that it would set up a National SME University. About 100 acres of land was available for the facility to come up in the city.
The foundation laying event for the Footwear Design Institute was finalised during the meeting of Union Minister for Commerce and Industry, Anand Sharma and State Chief Minister, N. Kiran Kumar Reddy on Friday here.
Funds for the national centre have already been sanctioned by the Commerce Ministry.
The Union Minister advised to complete the process of identifying partner for the setting up of Rs 35-crore World Trade Centre under PPP mode.
Rs 20 crore will be given by Government and the balance should be borne by the State, a release from the Chief Minister’s Office stated.
The Union Minister informed the Chief Minister that China has come forward and expressed interest to partner in one of the proposed National Investment and Manufacturing Zones (NIMZ), for both technical and investment purposes. The Centre sanctioned three NIMZs to the State at Zaheerabad, Medak district, Chittoor and Prakasam districts. Each of these are expected to attract Rs 30,000 crores of investment and generate employment for 3 lakh people, the release said.
The foundation stone for the Institute will be laid in the last week of January. The Andhra Pradesh Government has already allocated the required land at Gachibowli in Cyberabad. A couple of weeks ago the Union Minister for small, micro and medium enterprises, K.H. Muniyappa, had announced that it would set up a National SME University. About 100 acres of land was available for the facility to come up in the city.
The foundation laying event for the Footwear Design Institute was finalised during the meeting of Union Minister for Commerce and Industry, Anand Sharma and State Chief Minister, N. Kiran Kumar Reddy on Friday here.
Funds for the national centre have already been sanctioned by the Commerce Ministry.
The Union Minister advised to complete the process of identifying partner for the setting up of Rs 35-crore World Trade Centre under PPP mode.
Rs 20 crore will be given by Government and the balance should be borne by the State, a release from the Chief Minister’s Office stated.
The Union Minister informed the Chief Minister that China has come forward and expressed interest to partner in one of the proposed National Investment and Manufacturing Zones (NIMZ), for both technical and investment purposes. The Centre sanctioned three NIMZs to the State at Zaheerabad, Medak district, Chittoor and Prakasam districts. Each of these are expected to attract Rs 30,000 crores of investment and generate employment for 3 lakh people, the release said.
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