business-india-news

Remain patient on rupee, investment cycle has started: P. Chidambaram

New Delhi, Aug. 27: Finance Minister P. Chidambaram on Tuesday briefed the media on decisions taken by the Cabinet Committee on Investment yesterday, and asked people to remain firm and patient for the rupee to stabilize, as the investment cycle has started.


"We have to be patient and firm, and do what is required. The rupee will find its appropriate value. The rupee has overshot," Chidambaram said.

Commenting on investment into the economy, Chidambaram said the Centre is extremely keen to revive the cycle.

"Very keen to get the investment cycle started again. ... The message we are sending is that the investment cycle has started and we will continue to push it further," Chidambaram said.

Chidambaram also said that the Cabinet Committee on Investment has cleared several projects, which had been stalled, including 18 power projects worth Rs. 83,772 crore, which will be signed by September 6.

He confirmed that banks have already disbursed Rs. 30,000 crore to the 18 projects power plant projects.

Meanwhile, action reports on 9 non-power projects will be periodically sent to Cabinet Committee on Investment.

The Finance Minister said that nine infrastructure, energy projects, involving an investment of Rs. 92,541 crore, have been cleared by the CCI.

Additionally, Chidambaram said that the Reliance Power's Sasan project would receive Stage 2 forest clearance and said the CCI will give its nod to the GMR infra expressway by September 15.

Chidambaram assured that the bulk of Fuel Signing Agreement will be completed by August 31.

The Indian rupee slumped past the 65 per dollar mark on Tuesday nearing its all-time low and paring its gains in the last two sessions, as concerns weighed heavily in the financial markets on the expected increase in government's subsidy burden following the passage of the food security bill.

The rupee fell to as low as 65.45 per dollar after opening the session at 65.01, compared with its Monday's close of 64.31.

India's equity benchmark Sensex was trading at 18,347.53 points, down 1.13 per cent.

The Indian currency had touched its lifetime low of 65.56 per dollar on 22 August.

--ANI (Posted on 27-08-2013)

business-india-news headlines

METRO Cash & Carry honours the entrepreneurial spirit

Why consumers pay more attention to big packaging

Sensex 208 points down; capital goods stocks decline

nexGTv bags IPL live streaming mobile rights

Networkplay announces partnership with Tradedoubler

RComm to hike pre-paid call rates by up to 20 percent

OPEC daily basket price closes slightly higher

CAG audit pushed EVMs (Election Special)

Indian attitudes don't change: Whitening products continue to sell

Reliance's polyester plant at Silvassa starts production

Tata Steel registers highest ever annual sales

Business firms hope India will confront its corruption crises

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014

Comments

Your e-mail:


Your Full Name:


Type verification image:
verification image, type it in the box

Message:

Back to Top