Govt approves 21 textile parks costing Rs2,100 crore

Six of these parks would come up in Maharashtra, four in Rajasthan, two each in Tamil Nadu and Andhra Pradesh, one each in Uttar Pradesh, Gujarat, Tripura, Himachal Pradesh, Karnataka, Jammu & Kashmir and West Bengal

New Delhi: The government on Thursday said it has sanctioned setting up 21 of integrated textile industrial parks with world class infrastructure in nine states involving a total development cost of Rs2,100 crore, reports PTI.

The new textile parks, to be set up under public-private partnership, would attract an overall industry investment of over Rs9,000 crore generating employment of four lakh workers, according to an official statement issued here.

The scheme for the integrated textiles parks would be implemented within 36 months, it said, adding the government would finance common infrastructure with a subsidy of up to Rs40 crore for each of the textiles enclaves.

Six of these parks would come up in Maharashtra, four in Rajasthan, two each in Tamil Nadu and Andhra Pradesh, one each in Uttar Pradesh, Gujarat, Tripura, Himachal Pradesh, Karnataka, Jammu & Kashmir and West Bengal.

Commerce and industry minister Anand Sharma, who also holds the additional charge of the textiles ministry, approved the sanctioning of the parks.

He cleared the proposals as chairman of the project approval committee, which examined 55 cases in all.

“The sanction of new textiles parks would catalyse significant additional investments with industry utilising the benefits both under the scheme for integrated textiles parks and under the Technology Upgradation Funds Scheme (TUFS),” the statement said.

The government has enhanced the allocation under TUFS from Rs8,000 crore to Rs15,404 crore under the 11th Plan. The product mix in these parks would include apparels, hosiery, silk, processing, technical textiles, carpet and powerloom.

The government would invite bids for the lead investors heading the Special Purpose Vehicles for implementing the projects, the statement said.

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Food inflation soars to over 6-month high of 11.43%

“With vegetable prices unlikely to ease until after the festive season, food inflation may remain elevated in the remaining weeks of October,” ICRA economist Aditi Nayar said

New Delhi: Food inflation soared to over six-month high of 11.43% for the week ended 15th October, as prices of vegetables, fruits and milk went through the roof, hitting the common man, reports PTI.

While the vegetables became 25% costlier on an annual basis, fruits grew dearer by 11.96%, milk by 10.85% and eggs, meat and fish by 12.82%, as per the food inflation data released on Thursday.

Food inflation, as measured by Wholesale Price Index (WPI), was at 10.60% in the previous week.

This double-digit inflation comes on top of a very high level of price rise recorded in October last year, when it stood at 14.20%—already a ‘high-base’ comparison.

The last time that food inflation stood this high was on 9th April when it was recorded at 11.53%.

According to the data, even pulses and cereals, which had remained subdued in recent months, have started catching up and became expensive by 9.06% and 4.62%, respectively on annual basis.

“The rising food inflation is a serious matter. However, we expect the rate of price rise to come down in near future when the fresh products flood the markets,” Crisil chief economist DK Joshi said.

However, onions became 18.93% cheaper and prices of wheat and potatoes were also down 0.95% and 0.45%, respectively, year-on-year during the week under review.

Meanwhile, inflation in overall primary articles stood at 11.75% for the week ended 15th October, compared to 11.18% in the previous week.

Inflation in non-food articles, including fibres, oil seeds and minerals, was recorded at 7.67% during the week ended 15th October, as against 8.51% in the previous week.

Fuel and power inflation stood at 14.70% in the week under review, compared to 15.17% in the week ended 8th October.

According to experts, the upsurge in food prices is likely to exert further pressure on the government and the Reserve Bank of India (RBI) to tackle the situation expeditiously.

“With vegetable prices unlikely to ease until after the festive season, food inflation may remain elevated in the remaining weeks of October,” ICRA economist Aditi Nayar said.

Headline inflation, which also factors in manufactured items, has been above the 9% mark since December 2010. It stood at 9.72% in September this year.

The RBI has already hiked interest rates 13 times to tame demand and curb inflation.

“Rate hikes did not seem to have the desired affect, as seen in the high headline inflation. Issues of supply constraint have to be addressed,” Crisil’s Mr Joshi said.

In its second quarterly review of the monetary policy earlier this week, the RBI had said that high inflation is likely to persist in the next couple of months before moderating as falling global commodity prices so far has been offset by rupee depreciation.

It projected headline inflation to moderate to 7% by March 2012.

“Food inflation is likely to stay elevated due to demand-supply mismatches in non-cereals and large MSP revisions,” the RBI had said, adding that the real wage inflation has extended into first quarter of the fiscal.

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BSE annuls all derivatives trades for 26th Oct; launches probe

The exchange decided to annul all the derivatives trades transacted during the ‘Muhurat’ trading due to large movement of the Sensex futures

Mumbai: The Samvat 2068 began on a sombre note as the country’s premier stock exchange Bombay Stock Exchange (BSE) on Wednesday decided to annul all the derivatives trades transacted during the ‘Muhurat’ trading due to large movement of the Sensex futures, reports PTI.

“Trading members of the exchange were informed that due to large movement of Sensex futures observed during the special session conducted as Muhurat trading for Diwali, BSE has decided to annul all the derivatives trades done on 26 October 2011 under Bye Law 1.46 of the derivatives segment,” BSE said in a statement here.

The exchange said that it has also suspended a member broker from trading any further in the proprietary position on the exchange in all segments and has launched a detailed investigation into the matter.

Meanwhile, the BSE Sensex shed most of intraday gains on ‘Muhurat’ trading of Samvat 2068 and closed on a flat note with positive bias in the equity segment.

At the traditional Muhurat trading session, the BSE Sensex opened about 70 points up, but the gains petered out after a while. The index closed at 17,288.83 points, barely 33.97 points above the previous day.

Earlier, Lakshmi Pooja at BSE was graced by personalities from the fields of broking, corporates and Bollywood. Actress Mahima Choudhary was present at the exchange for the ‘Opening Bell”.

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COMMENTS

Raj Thakur

4 years ago

Who was that suspended broker?

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