Two Tamil Finance Ministers set up infra lender
Two Tamil Finance Ministers set up infra lender
Last Updated: Wed, Mar 17th, 2021, 09:11:05hrs
Chennai: Setting up of financial institutions to fund infrastructure projects is one of the common threads between Finance Minister Nirmala Sitharaman and former Finance Minister P. Chidambaram.
It was in 1996 that the then Finance Minister P. Chidambaram from Tamil Nadu during his budget speech announced the setting up of the Infrastructure Development Finance Company Ltd (IDFC) to fund the infrastructure projects. Infrastructure needs long-term finance, typically 15-20 year financial instruments. However, it has not been possible to float such instruments in the Indian market so far. Hence, I am proposing the establishment of an Infrastructure Development Finance Company (IDFC), Chidambaram had then said.
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India hopes that more money will bridge the infrastructure gap but many believe that may not be enough
India hopes that more money will bridge the infrastructure gap but many believe that may not be enough
Prabhjote GillMar 17, 2021, 15:51 IST
Workers in action at the Avinashi road flyover construction project in Coimbatore, Tamil NaduBCCL
India is on the threshold of setting up a new national bank that will raise money to fund long-term infrastructure projects, which typically have high risk and low payout.
The bank plans to overcome the issues of funding projects by allowing pension funds, insurance funds, sovereign funds and foreign investors to provide capital.
Two Tamil Finance Ministers set up infra lenders
By
Venkatachari Jagannathan ( IANS) |
Published on
Tue, Mar 16 2021 20:42 IST |
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FM s comment on crypto brings relief to industry. Image Source: IANS News
Chennai, March 16 : Setting up of financial institutions to fund infrastructure projects is one of the common threads between Finance Minister Nirmala Sitharaman and former Finance Minister P. Chidambaram.
It was in 1996 that the then Finance Minister P. Chidambaram from Tamil Nadu during his budget speech announced the setting up of the Infrastructure Development Finance Company Ltd (IDFC) to fund the infrastructure projects. Infrastructure needs long-term finance, typically 15-20 year financial instruments. However, it has not been possible to float such instruments in the Indian market so far. Hence, I am proposing the establishment of an Infrastructure Development Finance Company (IDFC), Chidambaram had then said.
IDFC First Bank has allotted 23,07,195 fully paid up equity shares of Rs. 10 each to the allottee(s) upon exercise of stock options under IDFC FIRST Bank Employee Stock Option Scheme.
With the allotment of the above shares, the equity base of the Bank stands increased from present level of 5,67,35,42,660 (Nos.) to 5,67,58,49,855 (Nos.) equity shares of Rs. 10/- each.
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An Impending SC Judgment Can Change How Land Rights Are Seen Countrywide
The case, which relates to Tamil Naduâs attempts to exempt the LARR from applying to infrastructure and industrial projects, would have nationwide ramifications.
Supreme Court building. Photo: The Wire
Rights01/Mar/2021
The Supreme Court will soon decide whether states can avoid using the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act of 2013 (or LARR) when acquiring private properties for public projects.
The Supreme Court case relates to an appeal filed by the Tamil Nadu government against a Madras high court order from July 2019. The high court had struck down an attempt by the Tamil Nadu government in 2014 to exempt the application of the LARR to three state laws that have provisions for the acquisition of land. These provisions are similar to the British-era Land Acquisition Act of 1894, which the LARR had repealed and replaced.