Financial Daily from THE HINDU group of publications
Wednesday, Jan 21, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jan 21, 2004 |
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Airlines Government - Policy Logistics - Policy Agri-Biz & Commodities - Agricultural Policy Cabinet clears Bangalore airport package — Private sector gets entry into foodgrain procurement Our Bureau
New Delhi , Jan. 20 IN a move aimed at giving a boost to the development of the private sector greenfield airport in Bangalore, the Union Cabinet on Tuesday cleared the concession agreement thereby paving the way for the project to take off. In another clearance, the Cabinet has approved the entry of the private sector into the foodgrain business at all stages, including procurement alongside the Food Corporation of India (FCI). This step has been taken to give a further boost to the export of foodgrains from the country. The Cabinet also permitted payment of WTO-compatible costs to all exports of foodgrains and its products as is currently available for exports sourced from FCI, the Minister for Parliamentary Affairs, Ms Sushma Swaraj, told mediapersons after the Cabinet meeting. Ms Swaraj said that the Cabinet also gave its clearance to the setting up of a National Commission on Farmers with a view to reviewing the status of Indian agriculture and to recommend appropriate policies and programmes to enhance farm productivity. The Bangalore International Airport Ltd (BIAL) will have to pay a concession fee of four per cent of the gross revenues to the Union Government. Besides, the concession agreement has pegged the passenger satisfaction index at the South-East Asian average of 3.5. The agreement also stipulates that there will be a 150-km exclusive zone within which no other international airport will be permitted. The concession agreement will come into effect from the time it is signed between the Centre and BIAL. The agreement is to be for 30 years, with the provision of extension by another 30 years. The project is promoted by a consortium led by Siemens and includes Larsen & Toubro (L&T) and Zurich Airport. The State Government of Karnataka also has a stake in the project. The Cabinet also approved the reduction of interest rate to 6.5 per cent from the existing 10.5 per cent on loans given to farmers to fund irrigation systems. The Cabinet also gave its post-facto approval to the agreement on South Asian Free Trade Area (SAFTA), which was signed during the 12th SAARC Summit.
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