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Govt nod for $10-billion Greater Noida SEZ project
New Delhi--The ministry of commerce and industry has
given its consent for setting up of a special economic zone (SEZ) in Greater Noida which
includes a $2-billion aviation hub, including an airport for international and domestic
needs.
Government officials said that the UP government had floated a tender for a
techno-economic feasibility study of the project and would submit a final proposal to the
civil aviation ministry after three months.
The $10-billion special economic zone project includes hotels, entertainment parks and
commercial establishments, besides an international aviation hub with maintenance, repair,
cargo and other aviation needs.
The airport with basic infrastructure is likely to be completed in two years and the
entire project over the next six years. The proposal also has enough expansion
possibilities to cater to the projected traffic growth of 6 per cent per annum and cargo
growth of 10 per cent per annum.
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Moody ’s considers
upgrading India outlook
Mumbai-- Moody’s Investors Service is considering a possible upgrade
of its India outlook.
"India has a stable rating and is on review watch for an upgrade. Moody’s is not
looking to downgrade India," John Rutherford Jr, president and chief executive
officer, Moody’s Corporation, said. This may not happen soon though
Moody’s had downgraded India’s outlook from positive to stable in 1998 after the
country declared itself a nuclear power.
The current rating is Ba2 with a stable outlook. Analysts view this as a positive
development since early this month, Moody’s had talked about a "slippage"
in the government’s reform effort.
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Re dips to 47.03
The rupee slipped to a new closing low on Wednesday on the back of persistent dollar
demand from a clutch of public sector banks and companies.
The unit closed at 47.03 per dollar, marginally lower than
its previous closing low of 47.00/02 on April 16.
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