India's Forex reserves cross $ 50 billion
Mumbai: India's foreign exchange reserves achieved a record milestone by crossing the US $ 50 billion mark during the week ended 15 February.

The foreign exchange reserves surged ahead by $ 442 million at $ 50,208 million, a new high, in the reporting week, according to Reserve Bank of India.

During the past four weeks, the reserves had increased by $ one billion. For the week ending January 18, the reserves had crossed $ 49 billion.

RBI said the foreign currency assets (FCA) also pierced the $ 47 billion mark to touch $ 47,285 million, witnessing a rise of $ 437 million.
Back to News Review index page  
Bank credit up by Rs 1,265 cr
Mumbai: Bank credit has increased by Rs 1,265 crore to touch Rs 5,70,090 crore for the fortnight ended 8 February 2002, according to the Reserve Bank of India.

This is inclusive of food credit, which increased by Rs 301 crore to touch Rs 54,981 crore and non-food credit which rose to Rs 5,15,109 crore for the same period.

Total accomodation provided by scheduled commercial banks to the commercial sector in the form of bank credit and investments in shares, debentures , bonds and commercial paper has gone up by Rs 46,938 crore to Rs 5,95,238 crore for the fortnight ended 8 February 2002.
Back to News Review index page  

Britain plans 3-fold hike in aid to India
Kolkata: Britain has proposed a three-fold increase in its aid to India over the next couple of years. British aid, which currently stands at around 100 million, is likely to be increased to about 300 million by 2004.

The UK-India bilateral trade stood at 4.9 billion in 2000, representing a 68 per cent growth since the formation of the Indo-British Partnership in 1993. UK is India's second-largest trading partner, accounting for 5.7 per cent of the country's total foreign trade in goods in 2000-01.
Back to News Review index page  

CBI files cases over black money
New Delhi: CBI registered 36 cases against 112 government officials and others after search operations across the country in a bid to unearth black money amassed by them.

Nearly 500 sleuths of various wings of the CBI began searches from early morning on 22 February as part of the special drive. Among the officials searched was an Income Tax Commissioner posted in Uttar Pradesh.
Back to News Review index page  
Mumbai to have worlds longest bridge
Mumbai: A 5.6-km-long bridge over the Arabian Sea with a single pier is coming up to ease traffic congestion and cut travelling time in this city.

Dubbed the worlds longest, the cable-stayed bridge, to be held by a single tower in the middle, will link downtown Worli with Bandra over sea cutting the travelling time from the current 38 minutes to just eight minutes.

The bridge will have eight lanes, of which two will be reserved for buses. The project is expected to cost Rs 650 crore.

It would be an intelligent bridge with state-of-the-art systems for traffic monitoring, surveillance, information, guidance, instrumentation and emergency support.

The sea-link, on which work began a year ago, is scheduled to open in June 2004.

Private cars and taxis using the bridge would have to pay a toll of Rs 30.

The sea-link project will be completed in two parts. The second part of the project will see the sea-link extended from Worli to Nariman Point.
Back to News Review index page  
Privatisation of DD Metro in the offing
New Delhi: Plans are afoot to scout prospective partners for DD Metro. Plans include hiving off the channel through a joint venture and run it on a commercial basis. Also in the offing is opening up the doors of Doordarshans production and post- production facilities to private producers and broadcasters from across the globe.

A global tender would soon be floated to lease out facilities in 10 such centres across the country. A committee has been set up to examine the feasibility of entering into a joint venture with the private sector for DD Metro.
Back to News Review index page