Coal India restructuring plan shelved, says coal min Jaiswal

KOLKATA :  The government has decided to shelve the proposed restructuring exercise of state-owned Coal India Ltd for the time being, Sriprakash Jaiswal, minister for coal, said.  “We might not restructure Coal India because as of now there is no requirement for restructuring the company. Coal India has given 290% dividend this year (2013-14) and government is happy,” Jaiswal said on the sidelines of an industry seminar.

Last year, government had appointed consultancy firm Deloitte to study the scope of restructuring the world’s largest coal mining company, following recommendation by TL Shankar Committee. The consultancy firm had submitted its report last month, the minister said. -Cogencis

UN: Govt unlikely to meet deficit target

New Delhi: Ahead of interim Budget, a United Nations report said the government is unlikely to meet fiscal deficit target of 4.8 per cent of the GDP in the current fiscal due to low growth and high subsidy.               “Given the weak growth momentum in the region and the difficulties in raising tax revenues and curbing expenditure growth, fiscal deficits will remain substantial in the near term,” the report titled ‘World Economic Situation and Prospects 2014’ said.

“In India, the government is unlikely to meet its target of reducing the deficit to 4.8 per cent of GDP in the current fiscal year 2013-14 since growth is below projections and the depreciation of the rupee pushes up the subsidy bill,” it said.

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