Latest news with #Rs96
Business Recorder
24-05-2025
- Business
- Business Recorder
CDWP clears seven projects worth Rs104bn
ISLAMABAD: The Central Development Working Party (CDWP) cleared seven development projects at cost of Rs104 billion. The CDWP approved four development projects at cost of Rs8 billion and referred three major projects at cost of Rs96 billon to the Executive Committee of the National Economic Council (Ecnec) for final consideration and approval. The CDWP met with Federal Minister for Planning, Development and Special Initiatives and Deputy Chairman of the Planning Commission Ahsan Iqbal in the chair at P-Block Secretariat. CDWP approves four projects worth Rs21.83bn The meeting was attended by Awais Manzur Sumra, Secretary Planning, along with Chief Economist, other members of the Planning Commission, federal secretaries, heads of provincial planning and development (P&D) departments, and senior representatives from relevant federal ministries and provincial governments. The agenda focused on development projects across key sectors, including industries and production, information technology and transport and communications. Two projects related to industries and commerce accorded the approval namely, '1,000 Industrial Stitching Units (Phase-II)' at cost of Rs1,950 million and 'Acquisition of Land for Establishment of SME Facilitation Centres at Various Locations' worth Rs1,250 million. Two projects related to information technology approved in the meeting namely, 'Development of Pakistan Lunar Exploration Rover (PLExR) for Chang'E-8 Mission' worth Rs2,535 million and 'Pakistan Manned Space Mission' worth Rs2,243.20 million. Three projects related to transport and communications presented in the CDWP forum namely, 'Improvement of Road from Sanghar to National Highway N-5 at Point Rohri via Mundh Jamrao and Saleput 0.00 to 221.00 kms' recommended to the Ecnec at revised cost of Rs36,910.449 million. The road connecting Sanghar Mundh Jamrao to Rohri Toll Plaza in District Sukkur is a vital corridor linking numerous villages and towns across Sanghar, Shaheed Benazirabad, Khairpur, and Sukkur. Over time, the road has deteriorated significantly due to wear and the heavy rainfall in Lower Sindh in 2011, resulting in potholes, surface undulations, and eroded berms. The revised project includes a New Jersey barrier, a new pre-stressed bridge, and a provision for design, drawing, and supervision. Once completed, this corridor will enhance connectivity between eastern Sindh and upper Pakistan, playing a crucial role in the transportation of Thar coal for power generation and contributing significantly to regional infrastructure development and economic growth. Another project of transport and communication sector presented in the meeting namely, 'Construction of Additional Carriageway along Mehran Highway from Nawabshah to Ranipur (135.0 Kms (Revised)' was referred to ECNEC at revised cost of Rs41,034.440 million. The revised project envisages the dualisation of 135 km of Mehran Highway road from Nawabshah to Ranipur, including widening of the road by 4.95 metres on each side, overlaying of the existing 3.35-metrewide road, and construction of 3.5-metre-wide shoulders on both sides. The scope of work includes the construction of New Jersey barriers, bypasses, RCC bridges, pre-stressed concrete bridges, RCC culverts, drainage and erosion control works, embankments, retaining walls, watercourse protection, and stone pitching. It also encompasses provision of guard rails, lane marking, cat-eyes, village traffic signboards, gantries, cantilever boards, and the shifting or rerouting of Sui gas lines and optical fibre cables. Another project of T&C sector presented in the meeting namely, 'Improvement of Road from Rohri to Guddu Barrage @ M-5 Interchange Sadiqabad via Khanpur Mahar, Mirpur Mathelo & Mureed Shakh (150.00 Kms)' was referred to ECNEC at revised cost of Rs17,971.360 million. This strategic road project is expected to significantly improve regional connectivity and support economic development across northern Sindh and adjoining areas. During a comprehensive review of transport and communications sector projects, Deputy Chairman Planning Commission Ahsan Iqbal, directed the member infrastructure to review construction schedule rates of federal and provincial governments and notifying new schedule of rates based on market rates. The deputy chairman underscored the importance of this analysis for ensuring cost-efficiency and fiscal responsibility in infrastructure development. Copyright Business Recorder, 2025
Express Tribune
24-05-2025
- Business
- Express Tribune
CDWP okays seven projects worth Rs104b
Listen to article Minister for Planning Ahsan Iqbal on Friday chaired a meeting of the Central Development Working Party (CDWP) that approved seven projects worth Rs104 billion. "Out of these, four projects with a cumulative cost of Rs8 billion were approved at the CDWP level. Additionally, three major projects, amounting to Rs96 billion, were recommended to the Executive Committee of the National Economic Council (Ecnec) for final approval," a news release said. The forum approved two projects relating to industries and commerce namely the "1,000 Industrial Stitching Units (Phase-II)" worth Rs1,950 million and the "Acquisition of Land for Establishment of SME Facilitation Centres at Various Locations" worth Rs1,250 million. It gave the go-ahead to two projects pertaining to information technology namely the "Development of Pakistan Lunar Exploration Rover (PLExR) for Chang'E-8 Mission" worth Rs2,535 million and the "Pakistan Manned Space Mission" worth Rs2,243 million. The CDWP referred three projects belonging to the transport and communication sector to Ecnec including the "Improvement of Road from Sanghar to National Highway N-5 at Point Rohri via Mundh Jamrao and Saleput 0.00 to 221 km" with a revised cost of Rs36,910 million. Another project titled the "Construction of Additional Carriageway along Mehran Highway from Nawabshah to Ranipur (135 km)" was forwarded to Ecnec at a revised cost of Rs41,034 million. The forum referred a project called the "Improvement of Road from Rohri to Guddu Barrage @ M-5 Interchange Sadiqabad via Khanpur Mahar, Mirpur Mathelo & Mureed Shah (150 km)" to Ecnec at a revised cost of Rs17,971 million.
Time of India
30-04-2025
- Business
- Time of India
Gold drops Rs4,100 from April peak on Akshaya Tritiya, sales mixed amid high prices
Nagpur: Gold prices dipped to Rs95,400 per 10 grams (tola) on Akshaya Tritiya on Wednesday — a fall of Rs4,100 from the April peak of Rs99,500. However, the yellow metal remains significantly costlier compared to last year, when it was priced at Rs80,600 on the same day. Silver held steady at Rs96,000 per kg. Jewellers in Nagpur and across the country reported mixed sales trends on Wednesday. While value-wise business may have seen an uptick due to higher rates, the volume of gold sold — measured in weight — has likely declined. "Sales are up in value terms, but we expect a 40% drop in volume compared to earlier years," said Pradeep Kothari of M/s Karan Kothari Jewellers. "Customers are buying, but less in quantity." Nitin Khandelwal, former director of the Gems and Jewellery Council (GJC), said that sales on Akshaya Tritiya in 2024 had already declined compared to 2023 due to price hikes. "Crowds are visible in stores, but the final tally will be clearer the next day," he added. Rajesh Rokde, president of GJC and a city-based jeweller, said customers have gradually accepted high prices, and overall sales were in line with expectations. "Despite the drop from the April peak, gold is still expensive. Yet, buyers are participating, possibly with adjusted budgets," he said. In his capacity as the national chairman of the jewellers' guild, Rokde estimated that total sales across India could touch Rs20,000 crore on Wednesday. "According to GJC's estimates, monthly transactions involving up to 1,200 tonnes of gold take place — 800 tonnes through imports and another 400 tonnes received from customers selling old gold." He further added that the annual average gold turnover is around 3.5 tonnes in terms of physical weight. "On Akshaya Tritiya, the volume typically rises 6 to 7 times, reaching around 20 tonnes in a single day. At current prices, that translates to ₹20,000 crore in value," he explained. Though the day remained active in many parts of India, a clearer sales picture is expected once the World Gold Council (WGC) releases its data.
Time of India
29-04-2025
- Business
- Time of India
Jewellery trade faces mixed fortunes due to gold prices
Nagpur: Mixed sentiments will mark the jewellery trade on Akshaya Tritiya , the biggest gold-buying festival in Maharashtra, today. High prices may deter some consumers even though it is considered auspicious to buy gold on this day. For, jewellers, who usually hope for big sales, the hurried offloading of stocks over the past one month as prices went up is proving to be a dampener. Now, with the anticipated fall in prices nowhere to be seen, a number of gold traders are not in a position to buy more inventory at the current prices. So high prices are proving to be a deterrent for consumers as well as traders. For consumers, the recent easing of rates may be a bit beneficial in buying for the festival, say traders. On Tuesday, gold was priced at Rs96,400 a tola (10 grams), down from a peak of over Rs99,000, excluding GST. While this may encourage consumers, for a sizeable section of traders, the rates are still on the higher side compared to the price at which they sold the metal, says a trader. Normally, traders quickly replenish their stock. However, anticipating a crash, a section of traders sold off their gold in the open market to book profits. With the current market rates, they are unable to buy again. There are reports of a large number of traders being trapped in the bull market, said Rajesh Thakker of M/s Dipti Traders, a wholesale firm in Akola. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Upto 15% Discount for Salaried Individuals ICICI Pru Life Insurance Plan Get Quote Undo This was also confirmed by Nitin Khandelwal, a former director in the Gems and Jewellery Council (GJC), a nationwide trade guild. He said messages spread on social media took a heavy toll. Rajesh Rokde, president of GJC, though said the counters have bookings for taking delivery on Akshaya Tritiya. "It's festive time, and consumers are comfortable with the current prices," he said. Bharat of M/s Batukbhai and Sons said that apart from Akshaya Tritiya, the marriage season during the coming month is also driving consumers, despite the rates being on the higher side.
Express Tribune
29-04-2025
- Business
- Express Tribune
Raja Pervaiz Ashraf cleared in Rental Power project NAB cases
National Assembly Speaker Raja Pervaiz Ashraf says government should suspend the secretary and appoint a new one. PHOTO: AFP Listen to article Former prime minister Raja Pervaiz Ashraf has been discharged from multiple National Accountability Bureau (NAB) references related to the rental power projects. The accountability court in Islamabad, presided over by Judge Ali Warraich, announced the decision on Tuesday, clearing Ashraf and several others from cases linked to the Sharaqpur, Bhakki and Karkey projects. The Karkey reference had alleged corruption worth Rs22 billion, while the Turkish company Karkey Karadeniz Elektrik Uretim (KKEU) had also filed a Rs200 billion damages claim. The claim was later amicably resolved following the intervention of Turkish President Recep Tayyip Erdogan. In the Sheikhupura reference concerning the Bhakki power project, valued at Rs96 billion, the court discharged the former Wapda chairman and six others. Those named in the Sharaqpur power reference were also cleared. This is not the first time Ashraf has been exonerated in rental power-related cases. In 2020, he was acquitted in the Pira Ghaib rental power plant reference. The rental power projects were initiated under the PPP government in 2008-09 to address the electricity shortfall. However, several companies, including Karkey, failed to meet delivery commitments. Karkey's contract, worth $564.6 million, required the supply of 231 megawatts to the Pakistan Electric Power Company (PEPCO), but the project underperformed, incurring significant costs to Pakistan. Following disputes, Karkey pursued arbitration at the International Centre for Settlement of Investment Disputes (ICSID), leading to an award against Pakistan. The eventual waiver of the penalty followed diplomatic negotiations between Pakistan and Turkey.
