NRIS not to get housing loan subsidy

The Financial Express

The Reserve Bank of India (RBI) after being advised by the government has further modified the scheme involving 1 percent interest subvention on housing loans up to Rs 10 lakh.

“We have received further clarifications from the government as to how bank can claim reimbursement for the scheme,” said RBI on Tuesday. Housing loans extended to Non Resident Indians (NRIs), for construction of farmhouses and to staff members of the banks are not eligible for subsidy under the Scheme.

Health care Industry

WE HAVE ABOUT 7 HOSPITALS IN THE PIPELINE
The Economic Times

In an interview, Shivinder Mohan Singh, managing director, Fortis Healthcare, talks about their expansion plans.

Excerpts:
What are your company’s plans for the next quarter and the next year as far as your new hospitals, expansion into tier 1 and tier 2 cities and capital expenditure are concerned?

We have 53 hospitals at this point in time. We have about seven hospitals in the pipeline, of which four should get onto commissioning in the next financial or calendar year. These four hospitals will add another 900 beds to the company’s capacity. Of the total seven projects in hand, we would be adding total expenditure of about Rs 400 crore for the next two years for the seven hospitals that we have in the pipeline. This is primarily because a lot of them are on off balance sheet basis, which means that we do not own the land of the building but we are either investing in manpower, equipment or some other related fields. Therefore, it takes the burden of expenditure off the company’s balance sheet and puts it on the partner where he owns the land and we are the operators in some ways. We have got Rs 150 crore for this financial year, the balance to be spent for getting these four hospitals commissioned.

Related Articles: Fortis Healthcare Considers Setting up REIT, Listing

Infrastructure

DELHI-MUMBAI CORRIDOR TO GET RS 17,500 CRORE
Gaurav Choudhury, New Delhi
Hindustan Times (Delhi edition)

The government plans to earmark Rs 3,500 crore every year for the next five years to set up seven industrial cities on the proposed Delhi-Mumbai industrial corridor (DMIC). The 1,483-km-long corridor running through seven states -Delhi, Uttar Pradesh, Haryana, Rajasthan, Gujarat and Maharashtra–will come up alongside the proposed Delhi-Mumbai dedicated rail freight corridor.

“The government will provide Rs 500 crore per year per industrial city to a fund for the next five years beginning 2011-12, as grant for the creation of capital assets to catalyze the development of these cities,” said a government source, who did not wish to be identified.

Hospitality Sector

HOTEL INDUSTRY OCCUPANCY TO RISE AMIDST CORPORATE DEMAND AND UPCOMING CRICKET WORLD CUP
Indian Realty News

Marriott International expects occupancy across properties in India to be over 80 per cent compared with mid-70 per cent levels a year ago, as demand for rooms rise on higher corporate demand and the World Cup.

“February is a very strong month for the hotel industry predominantly driven by strong corporate demand. On top of that we have generally seen some good demand coming through from sports activities like the World Cup,” said Rajeev Menon, area vice-president of India, Malaysia and Maldives. “In Ahmedabad, our hotel is going to be the main hotel for that city. So, obviously, the demand is very strong,” he said, referring to its ‘Courtyard’ property in Gujarat capital.

Marriott also has hotels in several other Indian cities including Mumbai, Gurgaon and Bangalore. The cricket World Cup begins on February 19 and venues include Ahemdabad, Delhi, Mumbai, Kolkata and Bangalore.

Information Technology Sector

IT SECTOR POISED TO TOP NASSCOM GROWTH PROJECTION: RAMADORAI
The Economic Times

MUMBAI: The multi-billion Indian IT sector is likely to grow higher than the projection given by the apex industry body NASSCOM, a top official said today.
“I think we should be able to see growth that is better than NASSCOM’s projection,” S Ramadorai, TCS Vice- Chairman and Advisor to the Prime Minister on Skill Development, told reporters at the NASSCOM meet here.

Ramadorai is a former Managing Director & CEO of Tata Consultancy Services (TCS), India’s largest IT firm.

Economy

HIRING IMPROVES ACROSS SECTORS IN JANUARY
Business Standard

The Monster Employment Index, a monthly gauge of Indian online job demand, climbed to 113 in January this year, a growth of 27% as compared to the year-ago period.

Starting off 2011 on a positive note, job opportunities in the country improved across most sectors in January and hiring activities are expected to gain momentum in the coming months.

Leading job portals Monster.com and Naukri.com in separate reports released today said that hiring activities picked up in January.

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