• Harsh Pati Singhania, Director, JK Organisation, spoke about the various aspects of the Budget emphasizing that the Budget should mainly be seen as giving a direction to attaining the long-term goal of high growth in large economy.
  • DPIIT will hold consultations with stakeholders to discuss ways to further relax local sourcing norms for firms having FDI and undertaking single brand retailing in the country, a top official said.
  • Secretary in the department for promotion of industry and internal trade (DPIIT) Ramesh Abhishek, however, said there will be no relaxation in the mandatory 30% local sourcing norms.
  • Finance Minister Nirmala Sitharaman, in her Budget speech, said the government will ease local sourcing norms for FDI in single brand retail sector.
  • Gujarat is the only one among the bigger States to have completed construction of over 50% of the houses sanctioned under the Pradhan Mantri Awas Yojana-Urban (PMAY-U).
  • Out of total 83,62,975 houses sanctioned across the States, construction of 31% (26,07,913) houses has been completed while 57% (47,57,987) are ‘grounded’ for construction — at various stages of construction, according to the Ministry of Housing and Urban Affairs.
  • Madhya Pradesh, West Bengal, Jharkhand and Orissa are among those that have achieved 40-43% of target.
    Gujarat also leads the chart of States with the highest number of houses under construction. Of total 5,24,827 houses sanctioned for Gujarat 4,28,083 (82%) are at grounded or construction stage. and in Telangana and
  • Tamil Nadu about 80% are grounded for construction.
    Highest number of houses (12,95,679) have been sanctioned for Uttar Pradesh followed by Andhra Pradesh (12,47,929) and Maharashtra (9,85,591).
  • Based on the project proposals received from the States, Central Assistance of ₹1,30,161 crore have been sanctioned for approved houses under the ‘Housing for All’ by 2022 scheme.
  • GMR Infrastructure, which owns and operates the international airports in Delhi, Hyderabad and Cebu in the Philippines, will shift the focus to expanding its existing airports and securing new projects in the same sector.
  • GMR Infrastructure will sell stakes in four operational road projects, monetise some of its industrial land holdings by the end of this fiscal year and use the proceeds to pay off debt, executive director Saurabh Chawla said.
  • According to the Indian Foundation of Transport Research and Training, a transport tracking body, truck rentals for full truck load have gone up by up to 2-2.5% to neutralise the additional impact of increase in diesel price by ₹2.50 a litre from the mid-night of July 5, after the imposition of Re 1 a litre road cess and over Re 1 hike in sales tax on diesel price in the Budget.
  • The Comptroller and Auditor General (CAG) of India in its report said that the 75 million tonnes per annum production target by 2018-2019 and 100 million tonnes per annum by 2021-2022 were fixed without giving due cognisance to the adverse findings of the consultant appointed for the purpose.
  • These targets were also set without taking into consideration the declining trend in domestic and international prices of iron ore, the CAG said. These targets were subsequently reduced to 50 million tonne per annum by 2018-2019 and 67 million tonne per annum by 2021-2022.
  • CAG also red-flagged delays in environmental clearances and rapped the company for undertaking risky investments.
  • The company needs to conduct proper due diligence and pay due cognisance to risk factors before embarking on national and international investment ventures,” the CAG recommended.