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LIC Housing to focus on affordable housing segment, call for project finance in FY25

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Chennai, Feb 5 (IANS) By completing internal restructuring, migrating to a new information technology (IT) platform and focusing on the affordable housing segment, LIC Housing Finance Ltd hopes to increase the size of its loan book loans by 15 percent the next fiscal year, said one of the company’s top officials.

He also said the company is looking to reduce non-performing assets (NPAs) of Rs 2,000 crore in the project finance segment and will take a call in this line of business next fiscal.

The company did not focus on the affordable housing segment. From the next fiscal, the focus will be on the affordable housing segment, Managing Director and CEO Tribhuwan Adhikari told the media on Monday.

On the project finance portfolio, Adhikari said it had been reduced as the competition was in a rate war. LIC Housing Finance is not comfortable with the rate offered by the competition.

Apart from this, of the company’s Rs 7,500 crore project finance portfolio, Adhikari said about Rs 2,000 crore are NPAs.

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He said the company is trying to recover the loan by offering a one-time settlement and through legal recourse.

Total disbursements were Rs 15,184 crore in the third quarter of FY2024, compared to Rs 16,100 crore in the corresponding period of FY2023.

Of this, disbursement in the individual home loan segment stood at Rs 12,868 crore against Rs 13,580 crore, while project loans stood at Rs 375 crore against Rs 427 crore of the same quarter of the previous year.

Asked about the internal restructuring, Adhikari said that from 24 fund offices, the company has hired 44 cluster offices for faster credit rating.

In terms of the new IT platform, he said, the way forward for customer onboarding, lending and other aspects being digitized is the way and he went there.

After initial teething problems, the system has stabilized, Adhikari added.

For the quarter ended December 31, 2023, LIC Housing has made a provision of Rs 50.32 crore towards investment in Alternative Investment Funds (AIFs) as per the Reserve Bank of India circular (RBI) dated December 19, 2023.

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According to Adhikari, there needs to be some clarity on the RBI circular on AIF.

LIC Housing Finance closed the third quarter ended 31.12.2023 with an operating income of Rs 6,792.47 crore (Q3 ended 31.12.2022 Rs 5,870.84 crore) and a profit after tax of Rs 1,162, 88 crore (Rs 300 crore).

— IANS

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India's railway line network expanded by 31,180 km in last 10 years

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India's railway line network expanded by 31,180 km in last 10 years

India's railway line network expanded by 31,180 km in last 10 years

New Delhi, July 26 (IANS) Indian Railways has achieved a “remarkable expansion” of 31,180 km from 2014 to 2024, with an average commissioning rate of 8.54 km per day for new lines, gauge conversions, and doubling sections, according to information provided to Parliament on Friday.

Railways Minister Ashwini Vaishnaw told the Rajya Sabha, in a written reply, that presently 651 surveys of new line, gauge conversion, and doubling having a total length of 49,983 km have been taken up on Indian Railways under PM Gati Shakti National Master Plan (NMP) for the development of multimodal connectivity infrastructure to various Economic Zones.

The objective is to have integrated planning, enhanced logistics efficiency, and remove gaps for seamless movement of people, goods and services including connectivity to industrial clusters, ports, mines, power plants, tourist and cultural places and agricultural zones, the minister added.

An average annual Budget allocation of Rs 68,634 crore for new line, gauge conversion, and doubling projects across Indian Railways has been made in 2024-25, Vashnaw stated.

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As of April 1, 2024, across Indian Railways, 488 Railway Infrastructure projects (187 new line, 40 gauge conversion and 261 doubling) of total length 44,488 km, costing approx. Rs 7.44 lakh crore are in the planning/approval/construction stage, out of which, 12,045 km length has been commissioned and expenditure of approximately Rs 2.92 lakh crore has been incurred up to March 2024, the minister said.

Railway projects are surveyed/sanctioned/executed Zonal Railway-wise and not state/area-wise/district-wise as the railway projects may span across state boundaries. Furthermore, railway infrastructure projects are taken up on the basis of remunerativeness, last mile connectivity, missing links and alternate routes, augmentation of congested/saturated lines, socio-economic considerations etc. depending upon liabilities of ongoing projects, overall availability of funds and competing demands, Vaishnaw added.

–IANS

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'How long will you claim to be honest', Kumaraswamy responds to Siddaramaiah's charges

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'How long will you claim to be honest', Kumaraswamy responds to Siddaramaiah's charges

'How long will you claim to be honest', Kumaraswamy responds to Siddaramaiah's charges

New Delhi/Bengaluru, July 26 (IANS) Responding to the charges levelled against him by Karnataka Chief Minister Siddaramaiah connected to land allotments in ‘violation’ of law, Union Minister and senior JD(S) leader H.D. Kumaraswamy said on Friday that the game is over for the Chief Minister.

“How long will you keep claiming to be honest? The game is over, Mr. Siddaramaiah,” Kumaraswamy said while speaking to reporters in Delhi, adding that he has not misused his power like the Karnataka Chief Minister.

Although CM Siddaramaiah and Minister Bhairati Suresh alleged that a site had been allocated to him in Mysore, he has not yet received it, the Union Minister said.

“I was the Chief Minister in 2006. Had I wished to misuse my power, I could have registered that site in my name back then. But unlike CM Siddaramaiah, I did not misuse my authority,” Kumaraswamy said.

He added that the investigation into this site has been ongoing since the time of late CM Ramakrishna Hegde.

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“In 2012, I wrote to the Mysore Urban Development Authority (MUDA) requesting the allocation of the site. I wrote another letter in 2017. I never misused my power. I never even thought of it. Unlike CM Siddaramaiah, I never misused my authority,” Kumaraswamy said.

“They are not giving me this site out of charity. I paid Rs 34,000, and it’s been 40 years. This is the real situation,” Kumaraswamy explained.

“Today, I saw the arrogance of Urban Development Minister Bhairati Suresh in Bengaluru. I know his background. If we expose all the corruption he has indulged in around Bengaluru, it would be enough,” Kumaraswamy said.

“If you (Siddaramaiah) want, you can transfer the site in my name to your son, wife, or close confidante Minister Bhairati Suresh, or donate it to an orphanage. I will have no objections,” he added.

He also said that in 2001, a site was allocated to Siddaramaiah’s wife in Vijayanagar, Mysore.

“How did they purchase the land classified as agricultural land in 2005? How did the Deputy Commissioner convert the land without inspection,” Kumaraswamy asked.

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“Siddaramaiah was the Deputy Chief Minister at that time. But he misused his power. The scam was exposed by the person who is eying the Chief Minister’s post. He released all the documents to the media,” Kumaraswamy claimed, indirectly pointing fingers at Deputy CM D.K. Shivakumar.

“The documents provided by your own people are being discussed by the opposition. On what moral ground are you asking for Rs 64 crore compensation after grabbing government land? With such accusations, how can you sit in the CM’s chair,” the Union Minister questioned the Chief Minister.

–IANS

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Rajnath Singh assured to set up country's third defence corridor in Assam: CM Sarma

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Rajnath Singh assured to set up country's third defence corridor in Assam: CM Sarma

Rajnath Singh assured to set up country's third defence corridor in Assam: CM Sarma

Guwahati, July 26 (IANS) Assam Chief Minister Himanta Biswa Sarma on Friday said that Defence Minister Rajnath Singh, in response to the state’s proposal, assured setting up the country’s third defence corridor in his state.

The Chief Minister said that India has two notified defence corridors — in Uttar Pradesh and Tamil Nadu — and the proposed corridor in Assam is expected to significantly boost the state’s economy.

“We’re aiming to bring the third one (defence corridor) in Assam. Along with semiconductors, we’ll establish Assam as a hub to manufacture aircraft, helicopters, missiles and other weapons systems,” Sarma, who met Rajnath Singh during his recent visit to Delhi, told the media here.

The proposal for setting up the defence corridor is under advanced consideration, but it may take some time due to its sensitivity, the Assam CM said.

Expressing his satisfaction over Union Budget 2024-25 presented in the Lok Sabha by Union Finance Minister Nirmala Sitharaman on July 23, Sarma said for the first time the Central Budget acknowledged that Assam’s floods are caused by water from outside the country.

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He said that the Centre has announced its readiness to provide comprehensive support to address this challenge.

Sarma, during his visit to the national capital, also met Nirmala Sitharaman and discussed funding for a satellite township near Guwahati, the expansion of the Brahmaputra Valley Fertiliser Corporation in Namrup, and the commissioning of its fourth unit.

He said that the expansion of Bongaigaon refinery and Brahmaputra Cracker and Polymer Ltd (BCPL) in Lepatkata was also discussed.

Sarma, referring to his meeting with Railway Minister Ashwini Vaishnaw, said that he had requested the Minister to launch a special train service from Guwahati for pilgrims to Ram Mandir.

“Assam plans to send one lakh pilgrims to Ayodhya,” he said.

Referring to the report of the Economic Survey, presented in the Parliament on July 22 by the Union Finance Minister, the Chief Minister claimed that Assam has emerged as one of the top five fastest-growing states in the country with the state’s economy growing by 13.9 per cent at the end of the last fiscal.

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“The Economic Survey report mentioned that Assam’s GSDP growth touched 13.9 per cent at the end of the last fiscal.

“Our economy grew by 13.9 per cent. In 2021, the state’s bank deposits were at Rs 1.71 lakh crore, which surged to Rs 2.24 lakh crore by 2023-24. This 30 per cent increase in bank deposits over three years is a significant economic indicator,” he said.

Noting that in 2021, banks in Assam disbursed loans worth Rs 80,871 crore and this figure rose to Rs 1.27 lakh crore in 2024, reflecting robust economic activity, he said that the state’s credit-deposit ratio has now increased to 58 per cent, indicating a healthier financial environment.

The unemployment rate of the state has also reduced from 8 per cent in 2022-23 to 6.1 per cent in 2023-24. The state’s labour participation rate has also gone up from 36.5 per cent in 2022 to 40.9 per cent at the end of the 2023-24 fiscal, Sarma said.

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Regarding the release of funds by the Centre to meet the problems related to flood, the Chief Minister said that last year, the Centre allocated Rs 4,800 crore fund for flood management programmes.

–IANS

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Agniveers will get benefit of reservation in MP police: CM Yadav

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Agniveers will get benefit of reservation in MP police: CM Yadav

Agniveers will get benefit of reservation in MP police: CM Yadav

Bhopal, July 26 (IANS) The Madhya Pradesh government will give reservation to ‘Agniveer’ personnel in the state’s police and other paramilitary forces, Chief Minister Mohan Yadav announced on Friday.

He said the state government will give the benefit of reservation to ‘Agniveers’ in recruitment in the police and armed forces and the firefighting services.

“This is the first priority of the defence sector and a major step towards defence reforms. The Madhya Pradesh government has decided to provide reservation for firefighters in the state as per Prime Minister Modi’s spirit,” CM Yadav said.

He stated on Kargil Victory Day that Prime Minister Narendra Modi in his address in Ladakh emphasized the special role of firefighters in the Indian Army.

Yadav said the ‘Agneepath’ scheme is an important initiative to increase the strength of the country and connect the powerful youth with the army.

“Agniveer Jawan’s plan Agneepath is a plan to modernize the army in the true sense and make the army young at the global level besides recruiting the right soldiers,” CM Yadav said.

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However, this is not the first time that the MP government has made such an announcement. Former CM Shivraj Singh Chouhan had announced that Agniveer jawans will be given reservation in MP police recruitment.

–IANS

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Goa’s ethanol project draws little response from bidders

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Goa’s ethanol project draws little response from bidders

Goa’s ethanol project draws little response from bidders

Panaji, July 26 (IANS) The Goa government on Friday reiterated that the process to manufacture ethanol at the lone sugar factory in the state on a Public Private Partnership (PPP) mode is under consideration. However, there is low response from the bidders.

Agriculture Minister Ravi Naik on Friday informed the Assembly that a Request for Qualification (RFQ) application has been invited for the second time for shortlisting the qualified bidders for the redevelopment of the sugar factory, including manufacturing ethanol on PPP mode.

“The application due date was extended three times and finally the bid was opened on June 18. But it was found that no bidders submitted a bid,” Naik said.

To recall, before the Assembly elections in 2017, Union Minister Nitin Gadkari had stressed the need to generate fuel from farm products.

Gadkari had said that the alternate fuel can be generated from rice straw, wheat straw, cotton straw, and used sugarcane waste. The Minister’s advice had given hope to the sugarcane farmers of getting more opportunities to sell their produce.

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The ‘Sanjivani Sahakari Sakhar Karkhana’ (Goa’s only sugar factory) was set up in 1972 by the first Chief Minister of the state, Dayanand Bandodkar, at Dharbandora in South Goa. It had an excellent track record at the initial stage with many farmers engaged in the production of the crop.

However, in 2020, the state government shut down operations in the sugar factory and since then, the local farmers have been selling their produce in the neighbouring states.

–IANS

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