EPFO cuts interest rate to 8.55 from 8.65 pc

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New Delhi, Feb 21, 2018

Retirement fund body, Employees’ Provident Fund Organisation (EPFO) on Wednesday reduced the interest pay to 8.55 per cent from 8.65 per cent for FY – 2017-18.

The decision was taken at the 220th meeting of the EPFO central board of trustees here. It is the third straight year when the interest rates have been slashed. EPFO decision will come into effect after it is notified by the Finance Ministry.

“At a rate of 8.55 per cent, EPFO will have a surplus of Rs 586 crore,” Labour and Employment Minister Santosh Gangwar said after the board meeting.

CSIR To Interact with Small-Scale Industry for Transfer of Technology

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New Delhi, Feb 5, 2018

Union Minister for Science & Technology(S&T) Dr Harsh Vardhan has set up a mechanism in Council for Scientific and Industrial Research (CSIR) for regular interface with small-scale industry for transfer of technologies from CSIR laboratories.

“An announcement to this effect was made during an interaction with members of Laghu Udyog Bharati, an all-India organisation of small scale industries here on Sunday”, an official release said here on Monday.

Steel PSUs’ capex slashed by 11% to Rs 11,317 cr for FY19

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Feb 04, 2018

Investments budgeted for nine PSUs under the Ministry of Steel have been lowered by 10.45 per cent to Rs 11,316.84 crore for the 2018-19 fiscal.

These PSUs are: Steel Authority of India Ltd (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Hindustan Steelworks Constructions, NMDC, KIOCL, Manganese Ore India Ltd, MECON, MSTC and Ferro Scrap Nigam Ltd.

The government had budgeted Rs 12,637.71 crore for these public sector undertakings (PSUs) for the current fiscal.

Investments were further revised downwards to Rs 11,455.91 crore compared to budget estimates.

The country’s top iron ore producer NMDC’s capex has been slashed by a huge 27 per cent to Rs 3,778 crore for the next fiscal.
The government had made a budget provision of Rs 5,174 crore for it for the ongoing fiscal. As per the budget document, RINL’s capex has been lowered by 26 per cent at Rs 1,400 crore for the next fiscal as against Rs 1891.65 crore budgeted for the current fiscal.

The capex of domestic steel giant SAIL, however, has been revised upward to Rs 4,000 crore for 2018-19 as against Rs 3,500 budgeted for 2017-18.

The steel ministry expects SAIL to show profit next year on the back of continued improvement in global commodity market.

The country’s largest steelmaker has been posting losses since 2015-16, mainly on account of slowdown in the sector.

In 2015-16, SAIL had posted a loss of Rs 4,021 crore, while in 2016-17 its loss was Rs 2,833 crore.

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