Economy
India to spend $1 trillion on infrastructure in next 5 years

“The Cabinet has approved an expenditure of $1 trillion in the next five years on infrastructure development and 40% would come from private sector,” Kamal Nath, Union minister for urban development and parliamentary affairs told reporters

 
London: India will spend $1 trillion on infrastructure development in the country over the next five years and 40% of it will come from the private sector, reports PTI quoting Kamal Nath, Union minister for urban development and parliamentary affairs.
 
“The Cabinet has approved an expenditure of $1 trillion in the next five years on infrastructure development and 40% would come from private sector,” he told members of the Indian Journalists Association at the India House.
 
The minister was speaking after two rounds of meetings here with British investors.
 
The meetings follows the signing of a Memorandum of Understanding between the ministry of urban development, Government of India and the Department for Business, Innovation and Skills, UK on Co-operation on Urban Regeneration and Development, a couple of months ago.
 
Kamal Nath said a three-day seminar would be held in Delhi on Infrastructure Development shortly.
 
At the Round Table meeting held on Monday, Kamal Nath said India has decided to build Metros in all cities with a population of more than two million.
 
Kamal Nath met the Mayor of London Boris Johnson on Monday and discussed among other things “heritage protection management.”
 
Answering a question on Foreign Direct Investment (FDI), Kamal Nath said: “It was the BJP which had put up a Cabinet note on FDI in 2004. Our effort is to bring about a consensus on the issue and I believe our political parties are responsible. It is my effort to bring about a consensus on the issue.”
 
Britain’s foreign secretary, William Hague will be visiting India from 8 November 2012.
 
India’s High Commissioner to the UK Jaimini Bhagwati is leaving for New Delhi tonight in connection with Hague's visit.
 

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Barack Obama wins re-election: CNN

The 51-year-old first African-American president was projected by television channel CNN as having won the second term with 274 electoral votes

 
Washington: Barack Obama won a second term in office overcoming a stiff initial challenge from his Republican challenger Mitt Romney after clinching convincing victory in the crucial state of California, reports PTI.
 
The 51-year-old first African-American president was projected by television channel CNN as having won the second term with 274 electoral votes after exit polls gave him California in west coast which has 55 electoral votes.
 
It projected Romney has having secured 201 votes in an electoral college of 535 votes. The winner has to garner at least 270 votes.
 
Till California was called, Romney had a comfortable lead over the president. Another crucial state Florida saw a tight race between the two with a slight edge for Obama. Florida has 29 electoral votes.
 

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Kingfisher will not fly if doesn't get capital by 30th November: SBI

According to the SBI chairman, the consortium of 17 banks have been meeting regularly to help Vijay Mallya owned and cash-strapped airline


New Delhi: State Bank of India (SBI), the lead bank to ailing Kingfisher Airlines, on Tuesday cautioned the carrier that it "will not fly" if it fails to bring in fresh capital by 30th November, reports PTI.

 

"Banks' consortium has done everything possible to make the company (Kingfisher) work. Only the company is not working... The management has to get capital. We have given time till 30th November that they should get capital otherwise the company will not fly...," SBI Chairman Pratip Chaudhuri told PTI.

 

He further said the airline would not be able to get investors if it is not flying.

 

Chaudhuri said the consortium of 17 banks have been meeting regularly to help the cash-strapped airline.

 

SBI has over Rs1,500-crore of exposure to Kingfisher.

 

The bank chairman said the consortium, led by SBI, has made available a total Rs7,000 crore to Kingfisher to help it keep flying.

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