Thursday, June 18, 1998
Automatic approval for 100% foreign equity in power
The Union government on Wednesday announced automatic approval for 100% foreign equity participation in power projects up to Rs 1,500 crore. The decision to enlarge the provisions for automatic approvals for such projects from the present ceiling of 74% foreign equity was taken after a review of the existing guidelines for automatic approval.
Minister reveals three-pronged strategy for civil aviation
Several new announcements came from the Union minister of civil aviation, Ananth Kumar. Apart from announcing several new airports and some headway on the proposed international airport near Bangalore, he also announced plans to dismantle the administrative price mechanism (APM) for air turbine fuel (ATF), the purchase of 22 new 50-seater aircrafts to facilitate smaller airports and the setting up of a development fund for the ministry.
TRAI wants operators to pay for its watchdog functions
The Telecom Regulatory Authority of India (TRAI) has proposed that service providers contribute a minimum of 0.15% of their annual earnings to fund its watchdog functions. The proposal, to meet the regulatory body's immediate financial needs for 1998-99, has been circulated among all telecom operators for comments by the deadline of June 26.
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