MTNL defaults on bank loans worth Rs 8,585 crore
The loss-making public sector telecom firm's total debt obligations reached Rs 34,484 crore as on June 30, 2025 comprising bank loan of Rs 8,585 crore, sovereign guarantee bond Rs 24,071 crore and loan for DoT for paying Sovereign Guarantee Bond interest Rs 1,828 crore, according to the filing.
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Indian Express
19 minutes ago
- Indian Express
Eye on Bihar elections, here are the projects PM Modi will be inaugurating on July 18
PM Modi Bihar Visit July 18: With an eye on Bihar Assembly elections scheduled this year, Prime Minister Narendra Modi has intensified efforts to inaugurate and launch several infrastructure and development projects aimed at boosting the state's economy and addressing long-pending public demands. The current legislative assembly's term is set to conclude in November. On July 18 (Friday), PM Modi will visit Bihar to lay the foundation stone, inaugurate and dedicate to the nation multiple development projects worth over Rs 7,200 crore at Motihari. According to the details available, PM Modi will also address a public function. The Prime Minister will lay the foundation stone, inaugurate and dedicate to the nation development projects catering to Rail, Road, Rural Development, Fisheries, Electronics and Information Technology sectors. During his visit, the Prime Minister will dedicate to the nation multiple rail projects. It includes automatic signalling between Samastipur-Bachhwara rail line that will enable efficient train operations in this section. Doubling of Darbhanga-Thalwara and Samastipur-Rambhadrapur rail line part of Darbhanga-Samastipur doubling project worth over Rs 580 crore that will enhance the capacity of train operations and reduce delays. PM will also lay the foundation stone for multiple rail projects. Rail projects include development of infrastructure for maintenance of Vande Bharat trains at Patliputra. Automatic signalling on Bhatni-Chhapra Gramin rail line (114 km) to enable streamlined train operations. Upgradation of traction system in Bhatni-Chhapra Gramin section to enable higher train speeds by strengthening the traction system infrastructure and optimising energy efficiency. Darbhanga-Narkatiaganj rail line doubling project worth around Rs 4,080 crore to increase sectional capacity, enable operation of more passenger and freight trains, strengthen connectivity between North Bihar and the rest of the country. He will also flag off four new Amrit Bharat trains between Rajendra Nagar Terminal (Patna) to New Delhi, Bapudham Motihari to Delhi (Anand Vihar Terminal), Darbhanga to Lucknow (Gomti Nagar) and Malda Town to Lucknow (Gomti Nagar) via Bhagalpur improving connectivity in the region. The Prime Minister will also lay the foundation stone for 4-laning of Ara bypass of NH-319 that connects Ara-Mohania NH-319 and Patna-Buxar NH-922 providing seamless connectivity and reducing travel time. He will also inaugurate the 4-lane Parariya to Mohania section of NH-319, worth over Rs 820 crore, part of NH-319 which connects Ara Town to NH-02 (Golden Quadrilateral) that will improve freight and passenger movement. Among others, a 2-lane with paved shoulder from Sarwan to Chakai of NH-333C which will facilitate the movement of goods and people and act as a key link between Bihar and Jharkhand. He is also scheduled to inaugurate New Software Technology Parks of India (STPI) facility at Darbhanga and State of the art Incubation Facility of STPI at Patna for promoting IT/ITES/ESDM Industry and Startups. These facilities will help in boosting IT software and service exports. The PM will inaugurate a series of fisheries development projects sanctioned under Pradhan Mantri Matsya Sampada Yojana (PMMSY). This will mark the launch of modern fisheries infrastructure including new fish hatcheries, biofloc units, ornamental fish farming, integrated aquaculture units, and fish feed mills across various districts in Bihar. Later in the day, the PM will release Rs 400 crore to around 61,500 Self-Help Groups in Bihar under Deendayal Antyodaya Yojna-National Rural Livelihoods Mission (DAY-NRLM). With a special focus on women-led development, over 10 crore women have been connected to Self-Help Groups (SHGs). He will also hand over keys to some beneficiaries as a part of Griha Pravesh of 12,000 beneficiaries and release over Rs 160 crore to 40,000 beneficiaries of Pradhan Mantri Awaas Yojana-Gramin.
Hans India
21 minutes ago
- Hans India
Co-operative bank fraud case: ED raids over 10 locations in Bengaluru
Bengaluru: The Directorate of Enforcement (ED) sleuths on Thursday conducted raids in connection with the Shushruti Co-operative Society fraud case in Bengaluru. According to sources, raids were carried out at more than ten locations across the city. Earlier, in 2022, the Bengaluru Central Crime Branch (CCB) had registered a case against the Shushruti Co-operative Society. Following its investigation, the CCB had arrested several individuals. The society was established by N. Shrinivasa Murthy, who later appointed several of his family members as directors and members. The case was filed after it was found that the society had issued loans to insiders and failed to return money to depositors. Following the CCB case, the ED launched its own investigation. Based on the FIR filed by the CCB, the ED registered an ECIR (Enforcement Case Information Report) and initiated action. Sources stated that ED Karnataka is conducting search operations at more than 10 locations in and around Bengaluru in connection with Shushruti Souharda Bank, Shruthi Souharda Bank, and Shree Lakshmi Souharda Bank, along with their promoters, N. Shrinivasa Murthy and his family members. This case pertains to the alleged cheating of over Rs 100 crore from more than 15,000 depositors, who were lured into investing with promises of high interest rates, sources added. Subsequently, the collected funds were diverted through unsecured loans to associates. Most of these loans turned into non-performing assets (NPAs), and the money was laundered and used to purchase properties, indicating clear violations under the Prevention of Money Laundering Act (PMLA). The proceeds of crime (POC) in this case are estimated to exceed Rs 100 crore, according to sources. So far, more than 20 high-value properties -- previously unidentified by the Karnataka Police under the Karnataka Protection of Interest of Depositors in Financial Establishments Act (KPIDE) -- have been uncovered during the ED's ongoing search operations, sources said.
Mint
21 minutes ago
- Mint
India should negotiate trade agreement with US on its own term: EAC-PM chief
New Delhi, Jul 17 (PTI) India should negotiate a trade agreement with the US on its own terms, keeping in view the national interest, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman S Mahendra Dev has said. Dev expressed hope that India will have an advantage over other countries on tariffs once the Free Trade Agreements (FTAs) are signed, and it would boost exports. "The overall approach of India is negotiating trade agreements with countries on its own terms and keeping in view the national interests. The negotiations are going on and the ultimate decision depends on the mutual interests of both countries," he told PTI. US President Donald Trump has said the proposed trade deal with India would be on the lines of what America has finalised with Indonesia on Tuesday. Under the US-Indonesia trade pact, the Southeast Asian nation will provide complete access to its market to US products, while Indonesian goods would attract a 19 per cent duty in America. In addition, Indonesia has committed to purchasing USD 15 billion in US energy, USD 4.5 billion in American Agricultural Products, and 50 Boeing jets. The Indian team is in Washington for the fifth round of negotiations for the proposed Bilateral Trade Agreement (BTA). India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. India is seeking the removal of this additional tariff (26 per cent). It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and the auto (25 per cent) sectors. Against these, India has reserved its right under the WTO (World Trade Organisation) norms to impose retaliatory duties. Asked should India has a slightly higher inflation target rate for a growth economy, Dev said, "There is no need to increase inflation target when the present framework is doing well on both inflation and growth objectives." He noted that there are some suggestions that RBI should use core inflation, excluding food for inflation targeting (IT). "We will have better inflation data from CPI after the revision of base year to 2024," the EAC-PM Chairman said. Dev said the experience of (IT) in the last 10 years shows that Inflation stayed within the band of 2 per cent-6 per cent with some exceptions and inflation declined significantly under IT framework. "It may be noted that higher inflation hurts the poor and middle class mostly. Low inflation is also important for sustainable growth," he said. Since 2016, India has adopted a flexible inflation targeting (IT) framework where the RBI aims to maintain a specific inflation rate, currently 4 per cent, with a tolerance band of /- 2 per cent (i.e., between 2 per cent and 6 per cent). Similarly, Dev said the Fiscal Responsibility and Budget Management (FRBM) targets should be continued for sound fiscal management. "It may be noted that a higher fiscal deficit will increase inflation and hurt growth," he said, adding that Interest payments will be higher and lower funds will be left for development expenditure. While noting that the government has done well to reduce fiscal deficit from 9.2 per cent in FY21 to 4.8 per cent in FY25 and budgeted 4.4 per cent in FY26, he said the government has been sticking to its fiscal consolidation roadmap despite competing demands for expenditures. On Production Linked Incentive (PLI), he said one should not look at only the direct effect of PLI-linked sectors, as there is significant interlinkage between PLI and non-PLI sectors. "PLI incentives, along with FTAs with other countries, should attract FDI and enhance exports," Dev said. He pointed out that studies indicate that the share of Direct Value Addition (DVA) declined for electronics while the share of indirect DVA increased, suggesting linkages with upstream industries. "Government is working on increasing gross value added, reducing import content and increasing employment for PLI sectors by encouraging local manufacturing capability," Dev said. The government launched the PLI scheme for 14 sectors to incentivise domestic manufacturing, increase production, create new jobs and boost exports. The thrust of PLI is to make domestic manufacturing globally competitive and reduce imports by increasing domestic value addition. The PLI scheme adopts a sector-specific approach, avoiding a "one size fits all" methodology. In the electronics sector, PLI aims to scale up assembly processes to encourage the existing domestic manufacturing ecosystem. India is one of the biggest assemblers and exporters of mobile handsets. In FY15, mobile phone imports accounted for 78 per cent of the market in value terms, whereas by FY23 this figure had dropped to just 4 per cent. "A similar story can be heard for exports. The electronics and renewable energy sectors have attracted higher FDI inflows," Dev said.
